Medivet reveals ambitious plans for UK expansion

The boss of Medivet has announced ambitious plans to increase the number of UK practices in the group by 50%.

Medivet already operates more than 400 practices in the UK and its chief executive, Chris Cools, believes the company can add at least 200 more sites across the country in the coming years.

This is despite increased regulatory scrutiny of the veterinary sector, which has seen the Competition and Markets Authority (CMA) investigate and block several practice acquisitions by the big corporate groups – including Medivet.

Realistic strategy

But despite this – and an ongoing CMA probe into the sector – Mr Cools believes Medivet has a realistic strategy for UK growth. He said: “It is our ambition to begin consolidating again in the UK and we want to build our UK footprint by 50%, which I am confident we will achieve.

“Our company has gone through a huge amount of change in the past 18 months and we have rebuilt a lot of the foundations of our organisation. We have turned an important corner in Medivet’s future, and it’s the right time to start buying in the UK again.”

Earlier this year Medivet was forced to sell 17 practices in County Antrim, Greater London, Hertfordshire, Leicestershire, West Sussex and North Lincolnshire after the CMA raised competition concerns about the sales.

However, Mr Cools says lessons have been learned from that process and that the company can continue to consolidate without raising the hackles of the regulator.

‘Learned a lot’

He added: “The CMA’s investigation into our 2021-22 acquisitions has now come to a close, and we’ve learned a lot through the process. With new procedures now in place, alongside new shareholder investment, the time is right to start acquiring in the UK again.”

The Belgian chief executive has a background leading global businesses in the brewing, food and health care sectors, and joined Medivet in February 2022, six months after private equity firm CVC acquired a majority stake in the business for more than £1 billion.

Since then, the company has also been growing its footprint across Europe, where it now has more than 100 practices in Germany, Spain and, most recently, France with the acquisition of the French Vet Group, Okivet.

Partner model

To support its ambitions for growth in the UK, Medivet will continue to leverage its branch partner model to attract independent clinic owners to its group.

Mr Cools added: “Our branch partner co-ownership model is something quite unique, and I believe one of our industry’s best kept secrets.

“It’s a true co-ownership model, with profits shared based on equity split.  But, we are evolving our offer, based on the same core principles as today, but making it more attractive; more accessible to business-minded vets, with more choice and options.”