The cost of vet treatment has hit the headlines recently, with the BBC saying there is to be an enquiry into veterinary medicine costs.
What they haven't mentioned is what lies underneath the tip of the iceberg: the wholesale change in veterinary practice ownership, and the size of the various 'mega vet' corporations.
Take Vet Partners as an example, a few years ago they refinanced the company to the tune of $700,000,000 to allow further expansion. In the 2023 accounts that borrowing has been extended to £1.49 BILLION.
Incase you're wondering why your bills have gone up, the accounts also show that they are reporting an eye watering profit margin of 77%.
And if you think this doesn't matter to you, the mega vets are actively pursuing most of the vet practices in the country, don't be surprised to find that 'Burt and Pete' (insert local vets names here) have taken the 30 pieces of silver, and now work for the other side.
Unlike the bills which are eye watering, the profit of the mega vets is eye opening:
IVC (multinational) makes nearly £1 billion in profit
www.vettimes.co.uk
ivcevidensia.co.uk
Vet Partners annual report:
Competition and Markets Authority (formerly Monopolies and Mergers Commission), watching, but effectively toothless:
www.gov.uk
www.vettimes.co.uk
What they haven't mentioned is what lies underneath the tip of the iceberg: the wholesale change in veterinary practice ownership, and the size of the various 'mega vet' corporations.
Take Vet Partners as an example, a few years ago they refinanced the company to the tune of $700,000,000 to allow further expansion. In the 2023 accounts that borrowing has been extended to £1.49 BILLION.
Incase you're wondering why your bills have gone up, the accounts also show that they are reporting an eye watering profit margin of 77%.
And if you think this doesn't matter to you, the mega vets are actively pursuing most of the vet practices in the country, don't be surprised to find that 'Burt and Pete' (insert local vets names here) have taken the 30 pieces of silver, and now work for the other side.
Unlike the bills which are eye watering, the profit of the mega vets is eye opening:
IVC (multinational) makes nearly £1 billion in profit
IVC Evidensia eyeing further growth as capital plan pondered
Hundreds of millions of pounds could be pumped into the company within months to help support improvements and further
www.vettimes.co.uk
IVC Evidensia UK | Exceptional Vet Care
Welcome to IVC Evidensia UK, the fastest growing veterinary group in the UK. Want to kick-start your career as a vet, or sell your practice to us? Find out how here.
ivcevidensia.co.uk
Vet Partners annual report:
Competition and Markets Authority (formerly Monopolies and Mergers Commission), watching, but effectively toothless:
Takeover of eight vet businesses could increase costs for animal owners
CMA initial investigations into IVC’s purchase of eight independent vet businesses find competition concerns
UK’s largest vet group still hungry for more
Following the takeover of 19 practices in the Yorkshire-based White Cross Vets group, Independent Vetcare now encompasses 243 practice groups across 583 practice sites in the UK and Northern Ireland.
www.vettimes.co.uk
