IPN becomes £200m business in centenary year

Yorkshire-based pet food company Inspired Pet Nutrition (IPN) has become a £200m business in accounts made up to June 2023.

Currently celebrating 100 years since its establishment in animal feed in 1923, the family-founded company is now expecting to become a £500m+ sales business within the next five years.

IPN spent the first 25 years growing to a £100m sales business and then doubled in the following five years through organic growth and the acquisition of Pet Food UK Ltd in 2021.

The Page family business was originally set up as a wheat trading business, but quickly moved into producing animal feeds in the mid-1920s. The company stopped producing animal feeds and relaunched as a pet food business, Wagg Foods, in 1990.

Richard Page, grandson of the business’ founder James R Page, took over the reins from his father, Bill Page, in 2006.

In 2007, IPN invested in the Real Pet Food Company, which now houses the manufacturer’s treats kitchen and wet food plant. A year later, the company launched the natural dog food brand Harringtons.

L. Catterton became the majority shareholder in 2015 when the business relaunched under its current name from Wagg Foods, and in 2020, private equity business CapVest became the new majority shareholder after a successful sale by L Catterton.

Launching an organic and acquisition-led growth strategy under CapVest, 2021 saw IPN acquire Pet Food UK, home to brands Barking Heads, Meowing Heads and AATU.

Additionally, in 2020, the company became the first UK pet food manufacturer to be certified carbon-negative,

To date, the company has offset over 34,000 tonnes of Co2e and donated 3.5 million meals to pet charities thanks to its Miles & Meals programme. Currently, 95% of IPN’s packaging is recyclable, but the company is aiming for 100% recyclable, reusable or refillable packaging by 2025.

Commenting on the future, Richard Page, chairman of IPN, said: “As a family-founded business, there was always limited capital; everything had to be hard-earned and justified. It meant we wasted nothing, turning simple opportunities into money-making methods, took our losses quickly and moved on. Fundamentally, we made decisions and bet on ourselves.

“Hitting the £200 million sales mark is such a milestone for Inspired Pet Nutrition, but we always look ahead. Our financial forecast for the next five years is to more than double the business through both organic growth, by continuing to democratise the areas where we can offer the consumers better value, and M&A. Alongside this, the coming years will see more waste removed from packaging and the supply chain, improved customer service and a focus on growing our brands into new sub-categories – especially wet feeding and treats.”

He added: “Ultimately, our ambition is to become one of the ‘Big Three’ UK pet food manufacturers. We need to acquire more businesses and optimise the strength of our leading brands as they stretch into adjacent categories. Bringing new brands and manufacturing capabilities into the IPN platform will allow us to strive for even better pet nutrition that’s accessible to all.”