The Fat Cats
These are the companies whose veterinary practices that they own / control do not appear in Find a Practice. They are listed by the number of practices that they own / control.
There are some veterinary groups whose practices do appear. These include DNA Vetcare Group and XLVets. The deciding factor is who owns / controls the practices. If it's one or more of the veterinary surgeons themselves, the ones who work in their practices, then we consider them independent; if none of the veterinary surgeons who works in the practices owns / controls them - because someone else does - then we consider these practices to be part of a corporate group and they don't appear.
None of the veterinary practices owned or controlled by any of the following companies should appear in Find a Practice. If they do please use "Let's chat" to let us know.
Some companies really do not want you to know which practices they own. So we have helped you.
Independent Vetcare Limited
Number of Practices: 1,094*
How do I know if my vets' is owned by Independent Vetcare Limited?: Go to the vets' website and scroll down to the bottom of the home page. There you will find,
"Company's registered name: Independent Vetcare Ltd
Registered number: 07746795
Registered Address: The Chocolate Factory, Keynsham, Bristol BS31 2AU"
However, not every single website has this so do an extra check under About Us or similar to see if IVC is mentioned.
Pre-Tax Profit: £69.3million.*
Highest Paid Director: Not disclosed.*
Shareholders: The ultimate parent undertaking is Islay New Group Holding SA, incorporated in [the tax haven of] Luxembourg.*
Where their heart is: Strategic report - "There is a demand from vets for practices and hospitals to be part of a larger corporate group due to the desire for further support addressing some positive macro trends. These include changes in owner beliefs and expectations, including, but not limited to, the increased humanisation of pets, increasing demands for more sophisticated and specialised care from owners who have a wider understanding of what is possible, enabling more expensive and complex treatment options to be covered."*
*Annual report 30.9.22
VetPartners Practices Limited
Number of Practices: 481*
How do I know if my vets' is owned by VetPartners Practices Limited?: Not by looking at the vets' website name or by a quick trawl through the actual website. Sometimes you have to click on obscure parts of the website such as "Privacy notice for customers" to find that the contact details are "VetPartners Practices Limited t/a [Name of vets']".
Pre-Tax Profit: £13,897,383**
Highest Paid Director: Not disclosed.
Shareholders: The ultimate controlling undertaking is BC European X, a collection of limited partnerships with no single controlling party.**
What the annual report doesn't say is that BC European Capital X is a private equity fund set up by BC Partners.
"BC Partners is a leading alternative investment manager focused on private equity, credit, and real estate, with deep networks across Europe and North America."***
Where their heart is: "As the company has grown, management has developed a hub‐and‐spoke strategy in order to maximise revenue and take advantage of capacity and capabilities across the network, particularly by maintaining high‐value referral work inside the group."***
**Annual report 30.6.23
CVS Group Plc
Number of Practices: 467*
How do I know if my vets' is owned by CVS Group Plc?: Go to the vets' website. Mostly it will link to www.vetcollection.co.uk. Alternatively go to Terms & Conditions on the website and scroll down to "Contact us" where you will find the address for the Data Protection Officer at "CVS House."
Pre-Tax Profit: £53.9million**
Highest Paid Director: £1,742,000**
Shareholders: Public Limited Company
Where their heart is: Capital allocation - "In November 2022, we held a Capital Markets Day in which we outlined our plans over the next five years with six key elements underpinning this five-year plan:
> organic revenue growth of 4% - 8% per annum;
> adjusted EBITDA margins between 19% and 23%;
> investment of £30m-£50m per annum in practice facilities, clinical equipment and technology to deliver additional organic growth;
> investment of £50m per annum plus in selective acquisitions subject to disciplined criteria for returns and earnings accretion;
> operating cash conversion at or above 70%; and
> maintaining leverage on a bank test basis below 2.0x.**
* Competition & Markets Authority 18.2.22
**Annual report 30.6.23
Pets at Home Group Plc
Number of Practices: 444 Vets4Pets and Companion Care*
How do I know if my vets' is owned by Pets at Home Group Plc?: The vets' website will usually be www.vets4pets.com/[name of vets'] or www.companioncare.co.uk/[name of vets']
Pre-Tax Profit: £122.5million*
Highest Paid Director: £1,335,369
Shareholders: Public Limited Company
Where their heart is: "As our joint venture vet practices reach maturity it unlocks growth opportunities in advanced practices and 24hr hospitals, significantly extending the physical footprint and range of clinical services offered by our network of veterinary practices, so supporting growth and profitability."*
*Annual report 30.3.23
Medivet Group Limited
Number of Practices: 427*
How do I know if my vets' is owned by Medivet Group Limited?: The vets' website will usually be www.medivet.co.uk/[name of vets']
Pre-Tax Loss: £59.7million**
Highest Paid Director: £403,000*
Shareholders: The controlling party is CVC Capital Partners VIII (A) L P, a limited partnership incorporated in [the tax haven of] Jersey.**
CVC Capital Partners is, "…a leading global alternative investment manager focused on private equity, secondaries and credit with a global network of 29 local offices and €186 billion of assets under management."***
Where their heart is: "The Company's [Medivet Group Limited] business is driven by a "branch partnership" model, whereby the lead veterinary surgeon of a veterinary practice can become a branch partner by contributing cash and / or other assets to the Company in exchange for a share of its profits."**
"The partnership agreements always ensure that the company has more votes than the branch partner, ensuring that all partnerships are controlled by the company…"**
**Annual report 30.4.83
*** www.cvc.com
Linnaeus Veterinary Limited
Number of Practices: 76*
How do I know if my vets' is owned by Linnaeus Veterinary Limited?: Go to the vets' website and scroll down to the bottom of the home page. There you will find,
" Part of Linnaeus, an Affiliate of Mars, Incorporated"
Pre-Tax Loss: £10,574,000**
Highest Paid Director: £511,528**
Shareholders: The ultimate parent undertaking is Mars Incorporated, incorporated in the United States of America.**
Where their heart is: "The company plans to continue with its strategy of acquiring high quality veterinary practices. The group has funding facilities in place to fund the planned acquisitions. The business is strongly cash generating before investing in additional acquisitions."**
**Annual report 31.12.22
Jollyes (The trading name of Leonard F. Jollye (Brookmans Park) Ltd)
Number of Practices: 75 Community Pet Clinics*
How do I know if my vets' is owned by Jollyes?: The website name will usually be www.jollyes.co.uk/[name of store]
Pre-Tax Profit: £3,770,142**
Highest Paid Director: £288,475
Shareholders: The ultimate controlling party is Kester Capital LLP.**
"Kester Capital is a leading UK private equity investor…"***
"February 2024: Kester Capital, a leading UK lower mid-market private equity firm, today announced that it has signed an agreement to sell its portfolio business, Jollyes Retail Group Limited, to TDR Capital."***
"TDR Capital is a leading private investment firm with over €15 billion of assets under management. We seek to partner with strong, market-leading European companies that have potential for robust growth and resilience through economic cycles."****
**Annual report 28.5.23