“Multiple concerns,” said the Competition and Markets Authority about the veterinary practice market. You bet. Semi-captive customers, rapid consolidation, lack of transparency and inflation-beating prices do not necessarily add up to a conspiracy against the consumer, but such a market is definitely worth a closer look. That’s before one mentions, as the CMA didn’t explicitly, the presence of the private equity industry, which tends to have a nose like a bloodhound for easy pickings.
The mini-revelation in the CMA’s initial review of the sector was how far, and how quickly, the independent veterinary practice has declined as the dominant ownership model. From only 10% in 2013, almost 60% of veterinary practices are now owned by large companies. Welcome to the world where two quoted companies, Pets at Home and CVS Group, three backed by private equity plus one owned by pet food (and chocolate) maker Mars are the big names. Rather than big splashy deals, this has mostly been a case of individual practices steadily selling up.
