4th Dec 2020 10:22
(Alliance News) - Pets at Home Group PLC on Friday said it will repay in full the GBP28.9 million of business rates relief received during the Covid-19 pandemic.
The FTSE 250 pet products and services provider will follow the lead of blue-chip supermarket chains Tesco PLC, Wm Morrison Supermarkets PLC and J Sainsbury PLC.
In March, the UK Chancellor of the Exchequer Rishi Sunak said the UK government would grant all retail, hospitality and leisure businesses a 100% business rates holiday for the next 12 months, with the intention of helping companies get through the Covid-19 pandemic.
The aggregate result of Covid-specific costs and restrictions means that the total financial hit to Pets at Home, which is estimated at around GBP35 million, will no longer be offset by the rates relief received.
"I continue to be immensely proud of the tireless efforts of my colleagues across the business and the work they are doing to meet the needs of our nation's pets week after week in the pandemic," said Chief Executive Officer Peter Pritchard.
"We were very grateful for the rates relief provided back in March during a time of significant uncertainty, which helped us to take the decision to keep our stores, online operations and veterinary practices open. Recent positive news around the launch of vaccinations for Covid-19 has led us to reassess the level of uncertainty ahead," Pritchard added.
Shares in Pets at Home were down 1.8% at 391.00 pence on Friday in London.
By Dayo Laniyan; [email protected]
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