New partnership offering key to Medivet expansion plan

Medivet believes its new branch partnership offering can boost ambitious growth plans by opening the door to practice ownership for hundreds of vets.

Last year the Watford-based firm announced its intention to expand the size of the group in the UK and Europe through a combination of acquiring and building practices and attracting new branch partners to the UK business.

Medivet currently has more than 160 branch partners in its practices, but hopes to significantly increase this number following the launch of its modernised partnership model, which now includes guaranteed buy-out options every two years and more favourable exit options.

Flexible equity

Branch partners can also buy into a practice at flexible equity levels which, according to Medivet’s chief operating officer, Andy Cresswell, provides an opportunity for many vets who might not have thought ownership was a realistic option for them.

He said: “Our ambition is to make clinic ownership accessible and attractive to more vets. We have many opportunities across the country, with clinics ranging in size and services. We think this is a great offering and something we hope will make a lot of vets realise that ownership is very much in their grasp.”

Medivet launched a three-year plan in March, which it described as a “multi-million-pound investment” in its people.

The areas it set out to address included improving reward packages, scrapping minimum wage age bands, providing private medical care for all vets, as well as health care plans and life insurance for all other employees.

Drive growth

And its re-launched partnership model is another key area the company believes will help to drive growth in the coming years.

Mr Cresswell added: “At the moment, we have more than 160 branch partners and we see those partners as a core element of our DNA. Our branch partnership is still a true equity ownership model and we believe the improvements we have made will allow us to grow that number significantly within our existing community to around 250.

“And, as we grow, we expect 60% of any future acquisitions will be right for partnership as well. But, most importantly, it’s really about matching what the potential partner wants, what the clinic needs and making sure those two things are a strong fit.”

Confident

Medivet did not offer comment on last month’s announcement by the Competition and Markets Authority that it would be launching a full market investigation of UK companion animal veterinary services, but it is understood the company remains confident its business model will stand up to increased regulatory scrutiny.