Exaclty, go back and look at GXL before the petbarn fiasco...

Exaclty, go back and look at GXL before the petbarn fiasco ("merger") and you'll see what is possible.

The shopkeepers (petbarn) couldn't organise a piss up in a brewery and are lucky to have a takeover bid for what is still known as greencross although it is anything but .  What a disaster after the supposed merger. 

The theory is with Richards in the background it'll be a replicatable mode with HLA, once they begin the acquisiton and growth path for what was the Greencross model pre Petbarn (hugely profitable ). I can see the same happening here.

Watching and waiting for an entry. Will be a solid buy and hold for next few years.