Bosses of vet group CVS said it has “reflected” on how prices could be made clearer to pet owners following a major investigation into the industry, as it spent £5 million on rebranding its practices to meet new rules.
The company also announced its first acquisition in the UK days after the conclusion of the Competition and Markets Authority (CMA) probe.
The CMA said its investigation, which began in 2024, had resulted in the biggest reform of veterinary services in a generation, which would make a difference to millions of pet owners across the UK.
It includes legal requirements to provide a clear breakdown of pet care plans and publish price lists for standard services, and a cap on written prescription fees.
Vets also have to make clear whether they are independent or part of a bigger group, in a bid to improve transparency and give people the chance to switch practices if they want to.
CVS operates more than 480 veterinary practices in the UK and Australia, and has around an 8% to 9% share of the UK market.
The company said it spent £5.1 million on changing the branding of its UK practices to have “CVS Vets” displayed prominently alongside the local practice name, in line with the CMA’s requirements.
Chief executive Richard Fairman said: “We believe our clients already knew their practice was owned by CVA, but now that’s crystal clear if there was any doubt.”
Chief veterinary officer Paul Higgs said he felt the reforms largely involve formalising “good ways of working” and putting it into legislation.
He told the Press Association: “So it is slightly disappointing for the profession to see how it has been portrayed.
“But in reality, I think they are all manageable for us in terms of the remedies.
“I think we can always reflect that there’s a reason why the CMA process was undertaken, that’s because there were a number of pet owners who didn’t feel they’d been well communicated in.
“I think as a profession it has been really helpful to be encouraged to reflect on that and we can always do better… communicating with pet owners.”
Mr Higgs added that the CMA found “plenty of competition” across the UK in its investigation, which meant CVS was not required to divest any of its portfolio of practices.
It also meant it could announce its first UK acquisition in more than two years – a large practice in a £15 million deal it has not yet named.
“Within the UK there are lots of areas where we have very limited presence and therefore we do see a significant opportunity of acquisitions,” he said.
