News that private equity firm Bridgepoint is mulling the flotation of its Pets at Home chain, which it bought for £230m in 2004, should come as no surprise as it has now done most of what could reasonably be done with the stores in a short time.

The refinancing subsequent to its acquisition has certainly been profitable for Bridgepoint and walking into one of its smaller stores yesterday, in Waddon – a greater Croydon suburb, it was obvious that much had been done since Romford.

Romford, London’s easternmost gasp before Essex proper begins, was the location of the Pets at Home trial in late 2006 in which graphics rather than words, and a lifestyle approach to pets, was adopted. It proved successful and the Waddon branch bears many of the elements that were on show in Romford, albeit in a modified form.

There is also a certain feeling of no-nonsense about the format as it has evolved. High level signs, accompanied by pictures, now divide this retail shed into “dog”, “cat”, “bird”, “fish” and “small animals” (this appears to mean rabbits), and finding your way around the space is simple.

And since 2006, the chain has been expanding, with all new stores following the Romford model. A fair proportion of the existing store portfolio has also been revamped and the one thing that is remarkable about Pets at Home in its current form is how little, relatively speaking, competition it has. What chief executive Matt Davies and his team have done is to take a niche offer and follow the classic store design modus operandi. Comparing Waddon and Romford is simple because the similarities are greater than the differences.

What is apparent however is that this format has, effectively, been value engineered, leading to a fit-out that is good looking, but which clearly has a lower price tag than when the first interior of this kind was unveiled. Which means that the roll-out that has taken place has been sensibly managed and has helped, rather than hindered, the substantial, recession-bucking 29 per cent profit hike, to £40m, for the year to March 26.

Al things being equal, the legwork has been done and by the end of this year the chain will probably be approaching the 250-store mark with an impressively robust balance sheet. Little wonder then that even in these parlous times Bridgepoint should reckon that a listing would bring home the bacon. Doggy-bags all round for directors and investors.

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