Pets at Home begins stockpiling supplies for fear of no deal
Pet food and accessories retailer Pets has Home has revealed it is beginning to stockpile pet food and products in the run up to Brexit.
The retailer will be spending £8m to top up its reserves in the event of a no deal agreement.
“As we approach our financial year end and monitor the Brexit process, we may consider increasing our inventory holding by up to £8 million,” the company said.
MORE: ‘No deal’ Brexit ‘will cost East of England economy £17bn a year’ Late last year, chief executive Peter Pritchard said Pets had started importing more goods as part of no-deal Brexit contingency plans.
The group warned that 17% of its goods come from outside the UK, and said its stock supply could be disrupted in the event of delays at ports and borders under a no-deal Brexit scenario.
Mr Pritchard said at the time: “We don’t want families to run out of food for their pets.”
Alongside the Brexit warning, Pets said revenue grew 6.3% to £237.2m in the 12-week period to January 3.
MORE: International expansion on the horizon for 18 East Anglian producers
Retail revenue was up 5.5% to £213.4m, veterinary sales grew 13.6% to £23.8m, and group like-for-like turnover rose 5.1%.
Mr Pritchard said: “Momentum in retail accelerated over the festive period, culminating in the biggest trading day of our entire history on the Saturday before Christmas.
“We are working closely across the group to maximise our assets and data as a pet care business, delivering initiatives that are resulting in an even better experience for customers.”