Finance
Good for business - or profit at any cost? The controversial side of private equity
The UK veterinary sector is facing intense scrutiny over the growing role of private equity, which now owns 44% of small animal practices.
The UK veterinary sector is facing intense scrutiny over the growing role of private equity, which now owns 44% of small animal practices. Critics point to controversial practices including leveraged buyouts where clinics carry the debt, cost-cutting that reduces non-clinical staff, and roll-ups that limit consumer choice. A CMA investigation found that three private equity-owned vet groups were part of a category charging an average of 18% more than independent practices. Industry defenders argue that private equity brings necessary investment, professionalization, and efficiencies of scale to fragmented markets.
By the numbers
- 1 in 8
- British workers employed by private equity-funded firms
- 2-5%
- Total investment contributed by private equity in typical buyouts
- +60%
- Rise in British vet bills between 2015 and 2023
- +18%
- Average premium charged by private equity-owned vet groups
- 44%
- UK small animal practices owned by private equity
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