Pets at Home has started a £50 million share buyback programme.

The retailer said the programme will be undertaken in two tranches. For the first tranche, the company has instructed Numis Securities to purchase shares and make independent trading decisions for a maximum aggregate consideration of £25 million, with the programme to end on or before September 29, 2023.

Pets at Home said the sole purpose of the programme is to reduce the company’s total share capital, and shares purchased as part the programme will be cancelled. The maximum number of shares to be bought back is 50,000,000, and is conditional on the renewal of the authority at the company’s 2023 annual general meeting, to be held on July 6, 2023.

The second tranche of the programme is expected to be undertaken by HSBC Bank, with further details to be announced in due course.