12 Jun 2023
Cornerstone Veterinary Clinic, which has a 15-strong team, has transferred into a employee ownership trust, meaning staff are owners and shareholders in the business.
Paul Imrie
Job Title
Peter Herold and the team from Cornerstone Veterinary Clinic.
A Belfast-based practice that has grown rapidly since creation in 2011 has become the latest to become owned by its employees.
Cornerstone Veterinary Clinic, which has a 15-strong team, has transferred to an employee ownership trust (EOT) to help safeguard its future as an independent business.
The practice was founded by Peter Herold, who will remain with the business, and is based between Belfast’s city centre and Cregagh on Castlereagh Road.
Expanded in 2016 to use the building’s first floor for practice activities, it has three consulting rooms, a dental theatre, ultrasound facility, x-ray suite, in-house laboratory and operating theatre.
Pennard Vets, which has seven clinics in Kent and dates back 125 years, is thought to have become the world’s largest employee-owned practice in 2021.
After reading about the switch in Vet Times, Dr Herold was inspired to see if Cornerstone could become EOT, and he contacted Pennard’s directors for guidance.
He said: “After starting Cornerstone 11 years ago, we have developed a long-standing, loyal, and dedicated team who are all very popular with our established client base across Belfast and beyond. I genuinely love Cornerstone, and so do our team and clients, and although I’m not ready to retire yet, the end of my professional life will come in the next decade, so I wanted to start planning for it.”
Dr Herold added: “The obvious option would be to sell the practice to a corporate chain, but I knew that would change how we worked. There would be much more emphasis on profit levels, and we’d be forced to make decisions that we were uncomfortable with.
“We have an amazing team who are full of ideas about how to make Cornerstone even better and to guarantee a successful future, the practice needs to continue growing in a way that works for its people, our clients and their pets.
“When I read about Pennard Vets becoming an EOT, it immediately resonated with me, and I hoped it could be an option for Cornerstone. I then attended a webinar with speakers from Pennard Vets, and I kept in touch with them afterwards.
“They explained the set-up and how it benefits their team, as well as putting us in touch with specialists in EOTs. Ultimately it was Pennard Vets’ knowledge and enthusiasm that convinced me it was the right route for us.”
Dr Herold said the team at Cornerstone is very skills and shares common values on veterinary care, customs service and client charges.
He said: “Making the business an EOT will ensure this continues by safeguarding the future of the business, while giving each member of the team the benefit of being a business owner without them having to buy in. It also means I can continue to work as a vet, but share the management side of the practice with the entire team who can help to make the important decisions, which is an exciting prospect for everyone involved.”
Matthew Flann, from Pennard Vets, said it had become an EOT to help maintain its independence and give the whole team a voice and autonomy. He said the change came at a time when “it’s increasingly difficult for vets to buy into practices and the traditional partner progression model no longer works”.
He added: “It’s been genuinely transformational for Pennard Vets, and we now regularly hear from practice owners who are exploring becoming an EOT.
“There are now several other successful businesses currently on the journey and when Peter contacted us, we were happy to offer our help and guidance. Cornerstone is a successful practice, with a highly skilled and dedicated team, so its independence is worth protecting, and becoming an EOT will give it a bright future.”
