Pets At Home for £1billion

Written by MCM News Desk    Thursday, 28 January 2010 10:27    PDF Print E-mail
Pets At Home for £1billion Pets At Home has been sold for £1billion - with bosses and staff landing a £53million windfall. The high street chain, with more than 250 shops,is being bought by private equity firm KKR which also owns Boots and Toys R Us. The £955m deal, minus about £450m of debt, will generate a massive profit for Bridgepoint, which snapped up the chain for £230m in 2004.Management, who own a 10% stake, will share a £50m payout which is thought to include about £15m for top boss Matt Davies.
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the fortune he got when he sold to Bridgepoint. And the chain's 4,000 staff will share £3m, split according to length of service. The announcement, following Kraft's proposed £12bn Cadbury takeover, indicates boom times are returning to the City. Less than two years after the credit crunch erupted, big firms are poised for a shopping spree.

While families struggle to make ends meet, businesses are using record low interest rates to borrow to fund a new wave of takeovers. The Pets At Home sale, being financed by a group of international banks, has prompted speculation that several wellknown firms are about to change hands.

Retailers New Look and Matalan, and Hilton hotels could now be sold rather than floated on the stock market, while Bovis Homes, Severn Trent Water and Sainsbury's are possible takeover targets

 


 

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Last Updated ( Thursday, 28 January 2010 10:40 )
 

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