The Pet Vet acquisition of The Vet given green light
The Pet Vet has been allowed to acquire Quality Pet Care comprising eight The Vet branded surgeries in Warrington, Portsmouth, Southampton, Bristol, Nottingham, Liverpool and Morden and Waltham Forest in London.
The deal announced last August has been in abeyance following an investigation by the Competition and Markets Authority in February this year over serious competition concerns in five towns and cities.
The deal has been given the green light following veterinary company CVS Group’s agreement to unwind its £20.4 million acquisition of Quality Pet Care and sell to a third party.
The Vet was initially acquired by CVS in August last year.
The Pet Vet operates surgeries in Rotherham, Barnsley, Doncaster and Lincoln, and now has a total of 12. Founded in Doncaster in 2011, the business is owned by Dr Rob Jones and has almost 100 employees, including 24 full time vets. It has an annual turnover of more than £6 million.
Earlier this year, The Pet Vet secured £3.1 million from alternative lender ThinCats to fund growth. A rapid extra cash injection then allowed it to snap up The Vet when it came up for sale in April.
Dr Mel Fuller, managing director of The Pet Vet, said: “Our commitment to continual reinvestment of profits in the development of our teams, our services and in new technology, makes our surgeries fulfilling places to work, that offer the highest quality veterinary services to our customers.
“In South Yorkshire and Lincolnshire we have developed centres of excellence for orthopaedic and soft tissue surgery, imaging and dentistry, removing the need for external referral and enabling us to offer our services to other practices within our regions.
“The acquisition of The Vet gives us scope to further expand our expertise and services, offer even greater career progression for our vets, enhance our buying power and increase our influence on the overall quality of first opinion veterinary care in the UK.”
Jones, chairman of The Pet Vet, added: “With nearly 70% of the veterinary practice market by revenue already in the ownership of major corporations, a fact of which most consumers are still completely unaware, this is a real opportunity for us as a South Yorkshire-based family business to make a positive difference for pet owners across the UK.
“Our acquisition of The Vet will allow us to further advance in-house provision, giving our vets more variety and stimulation in their working day and even greater opportunities for professional development.”