Competition watchdog could block takeover of local vets by corporate giant after deciding merger raised ‘competition concerns’
The takeover of local vets by a corporate giant could be blocked by the competition watchdog following an investigation by the Daily Mail.
The Competition and Markets Authority (CMA) said yesterday that the buyout of a chain of eight vets by the multi-million pound CVS Group could harm services and hike prices.
The CMA decided the merger raised ‘competition concerns’ in five areas – Bristol, Nottingham, Portsmouth, Southampton and Warrington. It said it could launch a full-scale investigation into the merger – and ultimately block the move – if the veterinary giant does not offer a satisfactory response.
The Competition and Markets Authority (CMA) said yesterday that the buyout of a chain of eight vets by the multi-million pound CVS Group could harm services and hike prices [File photo]
It is thought to be the first time the watchdog has intervened in the sector and comes after the Mail revealed corporate takeovers could be putting animal welfare at risk.
More than half of the 6,000 vet practices in the UK are now owned by just six companies. It has sparked concerns profit-hungry firms are creating monopolies, leaving desperate pet owners with no choice but to pay inflated prices.
Complaints have soared by 64 per cent in two years. CVS, which owns 467 practices, said it was ‘committed to providing the highest quality’ services. It claimed it had ‘good grounds’ for believing the CVS decision could be overturned.
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It is thought to be the first time the watchdog has intervened in the sector and comes after the Mail revealed corporate takeovers could be putting animal welfare at risk
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