Pets At Home plans London flotation

<p>Pets At Home has been valued at £275 million.</p>

Pets At Home has confirmed it is planning a £275 million initial public offering (IPO) this year.

The company will be valued at £1.2 billion when it launches on the London Stock Exchange.

Pets At Home, which has 369 stores and 246 surgeries, is aiming to reduce its debt, as well as aid expansion plans, reports BBC News.

Nick Wood, the company's chief executive, said: "This is a very exciting time for Pets at Home as we look to drive our expansion programme in the UK to over 500 stores, more than 700 veterinary practices and in excess of 300 groom rooms in the medium term."

Pets at Home also confirmed that its like-for-like revenues grew by 2.4 per cent, while its underlying earnings were up by 11.1 per cent to £87 million in the 40-week period to January 2nd.

Earlier this week, Poundland confirmed it is planning an IPO in London, with stocks in the budget retail chain to go on sale later in the year.

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