The independent group has purchased eight surgeries from CVS.
Family-owned independent practice The Pet Vet has announced the acquisition of eight surgeries from CVS Group plc.
The purchase of all eight The Vet-branded surgeries comes after CVS agreed to sell off its £20.4m acquisition of Quality Pet Care. Earlier this year, an investigation by the UK Competition and Markets Authority (CMA) concluded that the CVS takeover would reduce competition in Bristol, Nottingham, Portsmouth, Southampton and Warrington.
The CMA warned that it would investigate further unless CVS could provide satisfactory solutions to address its concerns. In its response, CVS offered to divest the entire The Vet business, to which the CMS agreed (27 June).
The Pet Vet was founded in 2011 by University of Bristol graduate Dr Rob Jones. Now with 12 practices to its name, the group claims to be the largest independent family owned practice in the UK and the only one with “a national presence”.
In a press release, The Pet Vet said it had secured £3.1m in funding earlier this year and that it was able to snap up The Vet when it went onto the market in April 2022.
Dr Mel Fuller, MD of The Pet Vet, said: "The Pet Vet is absolutely delighted to welcome all The Vet colleagues into our family. Our commitment is to continual reinvestment of profits in the development of our teams, our services and in new technology, making our surgeries fulfilling places to work and offering high-quality first opinion veterinary services.
“I have always been of the opinion that if you take care of your colleagues, they will take care of your customers. Our commitment to reinvesting profits has also allowed us to develop centres of excellence for orthopaedic and soft tissue surgery, imaging and dentistry, removing the need for external referral and enabling us to offer our services to other practices within our regions.
She continued: "The acquisition of The Vet gives us scope to further expand our expertise and services, offer even greater career progression, enhance our buying power and increase our influence on the overall quality of first opinion veterinary care in the UK.”
The Pet Vet chairman Rob Jones added: "With nearly 70 per cent of the veterinary practice market by revenue already in the ownership of major corporations, a fact of which most consumers are still completely unaware, this is a real opportunity for us as a family business to make a positive difference for pet owners.
"Our acquisition of The Vet will allow us to further advance in-house provision, giving our vets more variety and stimulation in their working day and even greater opportunities for professional development."
FIVP has shared a survey, inviting those working in independent practice to share their views on the CMA's proposed remedies.
