PetsMart bosses may turn tables on rivals
Saturday 20 February 1999
Giles Clarke, chief executive of PetsMart in the UK, is battling against rival chain Pets At Home to win back control of the business he sold to the Americans for pounds 150m two years ago. Now it is understood he may also seek to win control of Pets At Home if his offer for the former Pet City business succeeds.
While there is room in the market for two out-of-town pet retailers, experts believe there would be significant cost savings if the two were merged.
The stumbling block would be that Pets At Home is a family-controlled business that is unlikely to want to sell. It is run by Anthony Preston, who founded the company in 1991. However, the venture capital group 3i has a 20 per cent stake and may be seeking an exit after a stock market flotation of the business was postponed last year.
Pets at Home and the management of PetsMart UK are thought to be offering pounds 10m to pounds 15m for the retail group, which has struggled since the Americans took control. Some venture capitalists think it may be worth as little as pounds 8m.
The Americans are thought keen to sell and may tie in an announcement with its full-year results next Tuesday. It is expected to report full- year profits of $21.7m (pounds 13m) on sales of $2.1bn.
There may be problems with the competition authorities if Pets At Home and PetsMart link. They would control about 60 per cent of Britain's pet products market and 40 per cent of pet sales. Small, independent shops would be sure to complain.
- 1 Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
- 2 Question Time's 'passionate highlander' is the William Wallace of the Better Together campaign
- 3 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
- 4 Tony Abbott embarrasses Australia by praising Japanese WWII military, ‘getting on the sake’ and posing for ‘crotch-shot’ photo opportunity
- 5 The true Gaza back-story that the Israelis aren’t telling this week
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Question Time's 'passionate highlander' is the William Wallace of the Better Together campaign
Israel-Gaza crisis: Eight killed in Gaza Strip cafe while watching World Cup semi-final
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
There’s a nasty smell in the political air – and it’s coming from the Tories
iJobs Money & Business
£50000 - £70000 per annum: Harrington Starr: Business Analyst Consultant (Fina...
£300 - £350 per day + competitive: Orgtel: My client, a leading bank, is curre...
£28000 - £32000 per annum + pension, 25 days holiday: Ashdown Group: A highly ...
Negotiable: Randstad Education Birmingham: Randstad Education are seeking a Fi...