Vet group CVS says portrayal of industry 'disappointing' amid reforms

The Veterinary group CVS has expressed disappointment with the current portrayal of the industry following reforms, as announced after a major Competition and Markets Authority (CMA) investigation. The investigation, which began in 2024, aimed to bring about the largest reform of veterinary services in a generation, impacting millions of pet owners across the UK.

The CMA's reforms include legal requirements for clear breakdowns of pet care plans, publication of price lists for standard services, and a cap on written prescription fees. It also mandates clear disclosure of whether a vet is independent or part of a larger group, to enhance transparency and give pet owners the option to switch practices if desired.

CVS, operating over 480 veterinary practices in the UK and Australia, holds an 8% to 9% share of the UK market. The company spent £5.1 million on rebranding its UK practices to prominently display "CVS Vets" alongside the local practice name, as required by the CMA.

Chief Executive Richard Fairman stated that the company believed clients were already aware of its ownership but that the reforms aimed to clarify any doubts. Chief Veterinary Officer Paul Higgs noted that the reforms largely involve formalizing existing practices into legislation, which he felt were manageable. He acknowledged a need for improvement in communication with pet owners, emphasizing that the CMA's process was triggered by a few pet owners who felt they were not adequately informed.

Higgs also highlighted that the CMA's investigation found significant competition in the UK market, meaning CVS was not required to divest any practices. As a result, the company announced its first UK acquisition in over two years – a large practice acquired in a £15 million deal, the identity of which has not been disclosed yet. He explained that the UK presents numerous areas with limited CVS presence, offering substantial opportunities for acquisition.