A leading chain of vet surgeries set up by a woman inspired by the James Herriot books saw its sales leap as bills for pet owners soared.
Turnover at VetPartners, founded in 2015 by veterinarian Jo Malone, surged by nearly 18 per cent to £853 million from £723 million.
It comes as the rapid, debt-fuelled growth of big vet firms has sparked an investigation by the competition watchdog due to fears pet owners are being hit with crippling bills.
Malone, 50, became a partner at a York vet surgery in 2009, having followed a career dream that began when, as a girl, she had a pet goldfish. She took inspiration from the books of James Herriot, the pen name of Yorkshire vet Alf White. VetPartners began as a start-up six years later but over the next ten years, with the involvement of two private equity firms, has become a huge chain with 800 locations.
‘There’s not one bone in my body that’s financially motivated,’ claims Malone. But the married mother-of-two lives in a £2 million, nine-bedroom home near Thirsk in North Yorkshire, near where White once lived in a modest terraced house.
The stone mansion sits at the end of a long, gravel drive, surrounded by extensive gardens with sculpted shrubs and a swimming pool. Despite the sales rise, costs – including servicing £1 billion of debt – ultimately resulted in a £253 million loss after tax in the recently released accounts for the year to June 30, 2024 – far higher than the £81.9 million loss in the previous year.
‘Not financially motivated’: Veterinarian Jo Malone has 800 locations nationwide
VetPartners’ annual reports say Malone and two other executives were paid undisclosed sums via BC Partners. The private equity firm handed £21.3 million to 28 unnamed ‘members’ the previous year, meaning their payday is likely to be in the hundreds of thousands of pounds.
Pet ownership exploded in the pandemic, spelling big business for major UK vet chains, which control nearly two-thirds of a market previously dominated by independent vet practices.
This leaves owners increasingly at the mercy of large corporations, with few other options if prices are raised.
The Competition and Markets Authority began its investigation into the sector last year due to ‘multiple concerns’ pet owners were being ripped off. According to the watchdog, spending on vet services rose by 10 per cent a year from 2013 to 2020 and by 20 per cent a year from 2020 to 2023.
The number of UK households with a pet has increased from 41 per cent in 2019 to an estimated 60 per cent last year.
VetPartners was approached for comment.
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