Pets at Home chief executive to step down

The owner of Pets at Home is looking for a new boss after its chief executive Matt Davies, right, announced he will step down next year.

Mr Davies has been in charge of the pet food and accessories firm for seven years and has guided the business through two private equity takeovers.

The company, which has 295 stores and more than 5,000 staff, is owned by KKR after a £950m takeover in January 2010. Mr Davies, who is leaving to pursue other opportunities, will remain in charge until a successor is found.