Vets. Love doesn't haggle.
60% of UK vet firms are owned by six big chains, and half of those are backed by private equity. The competition regulator found pet owners were overcharged by over a billion pounds.
THE GIST ON VETS: "Roll Over"
Who owns Britain's vets?
Vets used to be a local business. Today, 60% of UK firms are owned by six big chains, and half of them are backed by private equity. Because love doesn't haggle.
A decade ago, almost all UK vets were independent: local family businesses, often passed down through generations. The shift to corporate ownership happened in only ten years.
Why target pets?
Because pet owners will pay anything. You don't want to take chances when your dog's not well, or know what an MRI for a cat costs. People will skip their own dentist before their dog's, and a third of pets are insured anyway, so the customer doesn't even see the bill. It's a lovely model for private equity.
What did the CMA find?
The CMA spent two years looking into it. Its report in March found that prices at corporate vets were 16% higher than at independents. Pet owners were overcharged by over a billion pounds in total.
Apparently, their own internal documents stated that customers were relatively insensitive to price and that staff were encouraged to upsell. Imagine writing that down. From September, the chains have to publish their prices and state who owns them.
Does it stop at vets?
It's the same playbook everywhere the customer can't shop around and doesn't know what the price should be: dentistry, care homes, nurseries, fertility clinics, funeral directors. Everywhere your heart pays the bill, private equity is buying up. The customer thinks they're picking a service, but they're really picking a portfolio. Which one are you picking?
Would you switch vets to save money?
Your take. One tap, then see how everyone else voted.
Quick answers
Who owns most UK vets?
Six big chains own 60% of UK firms, and half of them are backed by private equity.
What did the CMA find?
Its report in March found prices at corporate vets were 16% higher than at independents, with pet owners overcharged by over a billion pounds in total.
What changes from September?
The chains have to publish their prices and state who owns them.
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