Pet owners have been cautioned that they could unknowingly be affected by private equity firms owning local vet clinics, following a decision by the Competition and Markets Authority (CMA). The CMA has removed requirements for multinational companies to disclose which practices they own, allowing them to use brand names or the original independent practice name.
This change comes after a CMA investigation into the monopolisation of vet practices, which identified that a lack of competition and transparency in ownership contributed to higher prices and insufficient information for customers. The investigation revealed that pet owners pay an average of 16.6% more at large vet groups compared to independent practices.
The Progressive Veterinary Association (PVA), a group of vets, has threatened the government body with a judicial review. The PVA argues that the revised wording in the CMA's plans enables multinational companies to obscure their ownership of vet practices. Dr Iain McGill, a director of the PVA, stated that this allows large corporations to operate behind potentially misleading brand names.
A CMA spokesperson indicated that the disclosure of ultimate parent company names might not offer meaningful benefit to pet owners, as these names can be unrecognisable. However, the PVA contends that pet owners have a right to full ownership information to make informed choices, suggesting that a lack of such information could reduce competition and harm pet owners.