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Pets at Home takes £35 hit after business rates relief payment
StockMarketWire.com
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Pets at Home Group will take a profit hit of £35 million after it announced it is repaying the £28.9 million of business rates relief received across the business during the Covid-19 pandemic.
The company said it was doing this as it is no longer be able to offset Covid-specific costs against relief.
Pets at Home was considered an essential business during the lockdown and remained open.
It said it was grateful for the financial support provided in March and wanted to treat all stakeholders fairly.
Peter Pritchard, group chief executive officer, said: "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.
"Pets at Home is a robust business, both operationally and financially, with amazing colleagues, great operations, good liquidity and a strong balance sheet. Our decision today demonstrates our clear commitment to acting responsibly and treating all of our stakeholders fairly."
At 8:12am: (LON:PETS) Pets AT Home Group PLC share price was 0p at 388.2p
Story provided by StockMarketWire.com
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