Lyssa McGowan Out: In a sudden move that shook the UK retail and veterinary services market, Lyssa McGowan has stepped down as CEO of Pets at Home with immediate effect. The announcement came alongside a surprise profit warning, sending shockwaves through investors and raising serious questions about the future of one of Britain’s biggest pet care businesses.
Pets at Home in Transition
The Cheshire-based company, best known for its retail stores and vet services under the Pets at Home brand, has already begun the search for a permanent successor. In the meantime, non-executive chair Ian Burke has taken over as executive chair to provide leadership stability during this transition phase.
The market reaction was sharp. Within hours of the announcement, the company’s shares fell steeply, dropping from 226p to 181p by mid-morning. This dramatic slide reflected both investor anxiety and the perceived challenges awaiting the next CEO.
The move also rekindled ongoing speculation that Pets at Home may be taken private. Industry watchers, including TheBusinessDesk.com, have reported for months that private equity firms are circling the company. Among the rumored suitors is BC Partners, the same group that owns US pet retail giant PetSmart.
Why Did McGowan Exit So Suddenly?
McGowan joined Pets at Home from Sky UK in 2022, where she served as Chief Consumer Officer. With her experience in marketing, customer engagement, and digital transformation, she was seen as a strong candidate to modernize the business. Her strategy centered on transforming Pets at Home into a future-ready brand through significant investments in warehousing, distribution, and e-commerce.
The plan initially showed promise. Digital sales rose in double digits, outperforming much of the online retail market. Subscription models like Easy Repeat gained traction, reflecting modern consumer preferences for convenience.
But the retail side told a different story. According to the company’s trading update, store sales have declined by 5% year to date, falling well below expectations. With physical outlets forming a major chunk of Pets at Home’s revenue, this decline cast a long shadow over McGowan’s transformation efforts.
Financial Pressure Mounts
The company’s trading update painted a mixed picture. While the Vet Group continues to expand, with 10 new practices and 15 vet extensions planned for FY26, the retail slowdown forced the company to lower its profit expectations. Pets at Home now forecasts underlying pre-tax profit for FY26 in the range of £90m–£100m, well below earlier projections.
This was not the first time Pets at Home faced turbulence in recent years. In 2023, shares tumbled after a cautious trading update, only to recover on the back of takeover rumors. Still, the long-term trend has been concerning. Since McGowan’s appointment as CEO-designate in February 2022, over £1bn in company value has been wiped off the books.
Investor and Analyst Reactions
Market analysts have not minced words. Dan Coatsworth, an investment analyst at AJ Bell, described McGowan’s exit as inevitable given the circumstances.
“When a CEO leaves with immediate effect, it usually signals serious problems. In this case, a harsh profit warning sealed McGowan’s fate,” he noted. “Her digital-first strategy made sense, but declining retail sales and tough competition undermined the turnaround plan.”
Coatsworth also highlighted the broader market shifts. During the pandemic, demand for pets skyrocketed as households sought companionship. That boom directly benefited Pets at Home, with increased sales across both retail and veterinary services. But as normalcy returned and many employees went back to offices, the demand cooled.
Meanwhile, strong competition from rivals like Pets Corner and Jollyes chipped away at Pets at Home’s market share. Even as McGowan invested heavily in digital infrastructure, the company struggled to maintain growth momentum in its core retail segment.
A Look Back at Pets at Home’s Ownership Journey
Pets at Home has seen its fair share of ownership transitions over the years. Founded in Chester in 1991 by Anthony Preston, it was sold to Bridgepoint Capital in 2004 for £230m. Later, private equity giant KKR acquired the company for nearly £955m in 2010, before floating it on the London Stock Exchange in 2014.
The possibility of Pets at Home going private again is very real. With share prices volatile and profits under pressure, private equity investors may see an opportunity to acquire and restructure the business.
McGowan’s Legacy
Despite her short tenure, McGowan’s leadership leaves behind important changes. She spearheaded the company’s digital expansion, positioning it better for long-term online competition. Subscription services grew, digital engagement increased, and the veterinary division showed consistent growth.
But the mismatch between retail decline and digital growth created a financial imbalance that ultimately cost her the top job. Even her purchase of £100,000 worth of company shares last year and the company’s own stock buyback program failed to calm investor nerves.
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What’s Next for Pets at Home?
The immediate challenge lies in finding a CEO capable of balancing digital growth with physical retail recovery. The new leader must restore investor confidence, stabilize profits, and fend off rising competition.
Potential privatization could also reshape the future. A buyout by BC Partners or another investor could inject new capital and strategy into the company, but it may also lead to restructuring and further uncertainty for employees and shareholders.
For customers and pet owners, however, the brand remains a trusted name. The UK’s strong pet culture means demand for pet products and veterinary services is here to stay. The question is whether Pets at Home can harness this demand effectively under new leadership.
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Conclusion: Lyssa McGowan Out
The exit of Lyssa McGowan marks a turning point for Pets at Home. Her ambitious digital-first transformation improved online performance but failed to offset a steep decline in store sales. With profits under pressure and shares tumbling, the board had little choice but to act swiftly.
As the company enters its next chapter, the spotlight will be on the new CEO’s ability to steer Pets at Home through a fiercely competitive market while maintaining its reputation as the UK’s leading pet care retailer.
For now, the uncertainty remains, but one thing is clear: the story of pets at home lyssa mcgowan is far from over.
