Welsh practice first in country to become employee owned 

A Welsh veterinary practice has become the first in the country to transfer ownership of the business to its employees.

Archway Veterinary Centre, which has branches in Chepstow and Caldicot, is now owned by its 26 members of staff who have become shareholders in the practice and take a share of profits following the creation of an Employee Ownership Trust (EOT).

Archway joins a handful of UK practices, including Pennard Vets in Kent, to have transferred ownership to an EOT.

Independent

Andrea Reynolds (pictured centre), who has been one of the directors of the business before taking over sole charge of the small animal practice in 2014, has sold her interest to the trust, but will remain at Archway as one of three clinical directors.

Dr Reynolds said she decided to create the EOT to keep Archway in independent hands after becoming “increasingly concerned” by the number of practices being taken over by corporate groups.

Stewardship

Dr Reynolds added: “When I was considering the future of the practice, I was adamant that Archway would and should remain independent long after my stewardship ends.

“I have always been aware that the success of a veterinary practice depends on all of the staff who work there, and I believe the employee ownership model recognises and rewards each staff member’s contribution, and gives them a voice in the future of the business.

“That’s why it was the perfect way for me to pass on the practice knowing it is, and will remain, with people that I know and trust.”