Investors buy £80m online pet-sitting service set up in Brighton

Private equity firm backs fast-growing business to keep expanding

A private equity firm has bought a majority stake in an online home and pet-sitting service that was set up in Brighton, valuing the business at about £80 million.

The deal has been described as a “management buyout” and is expected to help Trusted House Sitters to continue its rapid growth.

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The business, Trusted House Sitters, was started by Andy Peck and Rachel Martin in 2010 and the subscription-based “marketplace community” now has more than 200,000 members in more than 140 countries.

Membership starts at £99 a year, with a promise that all sitters are verified and subject to the same sort of reviews that are found on sites such as Airbnb.

It gives home and pet owners a free house-sitter and pet lovers a chance to enjoy a free place to stay at home or abroad so no money changes hands.

The new owner, Mayfair Equity Partners, said: “Trusted House Sitters is the leading travel solution for pet people which connects pet owners with pet sitters around the world.

“Pet owners can find verified sitters to look after their pets while they’re away from home and, in return, sitters are able to visit destinations across the globe for a unique and rewarding travel experience.

“Since its founding in 2010, the company has facilitated over 10 million nights of pet sitting, has grown its operations to more than 140 countries and saves pet owners and travellers thousands of pounds annually in accommodation and pet care costs.

“Mayfair is partnering with Mathew Prior, Trusted House Sitters’ chief executive, and the management team to accelerate growth and support product innovation across its core markets in the US, the UK, Europe and Australia.

“Mathew joined Trusted House Sitters in 2019, bringing over 30 years of experience in the travel industry to the company.”

Mr Prior previously helped to run Travelopia, Specialist Holidays Group, First Choice Holidays and the First Resort.

Mayfair Equity Partners added: “Under Mathew’s leadership, the company has undergone significant growth while improving balance sheet management and profitability.”

According to the company’s most recent published accounts, Trusted House Sitters incurred losses of £14 million last year, up from £6.7 million in 2021.

But the directors said that cash flow forecasts gave them confidence that the business was a going concern.

The most recent annual report said that, in October 2022, the group switched from a high growth and high investment strategy to a self-funded growth model.

It said that revenues went up 150 per cent last year, compared with 2021, with membership going up from 35,000 to 103,000.

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And this year, income was expected to reach £22 million, with the annual report suggesting that the group had broken even in the first quarter – to the end of March.

Mayfair Equity Partners said: “Trusted House Sitters recorded 158 per cent year-on-year growth in 2022, supported by a rising pet population, the accelerated digitisation of pet services and a return to historical rates of travel.

“Trusted House Sitters’ unique combination of a pet-loving community, reliability and adventure delivers a memorable experience every time for pet owners and sitters.

“This leads to exceptional customer satisfaction scores which in turn drive recommendations, with more than 60 per cent of customers hearing about Trusted House Sitters from word of mouth.”