The conclusion of the UK competition watchdog’s investigation of vet chains will come as a relief to millions of pet owners. Last year’s consultation by the Competition and Markets Authority (CMA) produced a whopping 56,000 responses, many of which complained about high prices. As expected, new rules will be focused on making the market work better for consumers, who the CMA finds have overpaid roughly £1bn in fees over five years.
This is a scandalous finding. While the changes confirmed this week are welcome, they are also overdue. Ministers were clearly not paying enough attention as the veterinary sector went through an unusually rapid transformation. In 2013, just 10% of vet practices were owned by large groups, the rest being independents. Now, 60% are wholly or partly owned by one of six large groups – three of which are owned by private equity investors.
