Pets at Home

Pets at Home’s IPO prospectus opens a window into the lucrative world of Britain’s cats and dogs. The company, which went public on Wednesday, has a 12 per cent share of the £5.4bn pet care market and there are some fascinating nuggets in its 261-page document. Here are six of the best.

 

1. What recession? Britain’s pets haven’t been tightening their collars.

Living standards in the UK have fallen to their lowest in a decade (a fact not unrelated to Poundland’s successful IPO on Wednesday) but the country’s pets appear to be better off than ever. Read more

Andrew Hill

Pets.com's once-ubiquitous mascot (Bloomberg)

It is probably unfair to draw a parallel between Pets at Home, with its real stores, real turnover and real earnings, and Pets.com, the US pet products etailer that was one of the dotcom bust’s most notorious flameouts. But the ghost of Pets.com’s sock-puppet mascot haunts the latest plans for initial public offerings, of which Pets at Home’s flotation is the freshest. Here are the lessons: Read more