One of the largest investors in Pets at Home has slashed its stake in half.
Jupiter Fund Management, which holds its shares on behalf of Northern Trust, Citigroup and BNP Paribas, has cut its stake in the listed company from 9.8% to 4.7%, according to new documents filed with the London Stock Exchange.
Before the move, the firm was the second largest institutional shareholder in the Cheshire-headquartered retailer, behind Schroder Investment Management.
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It is now also behind JPMorgan Asset Management and Nordea Bank SA.
Pets at Home recently revealed that the animal ownership boom during the pandemic continued to provide it with strong growth during its latest financial period and that its profits are likely to be ahead of expectations.
The group's sales hit £319.4m in the 12 weeks to December 30, a jump of 8.7% on the same period a year ago.
Its retail business enjoyed particularly strong growth during the run-up to Christmas, up 9.8% as customers turned to more premium brands to pamper their pets. The company's vet business saw sales up 4%.
But the company warned that inflation pressures hitting the economy are starting to take hold, with supply chain costs increasing.
