Pet price probe sparks vet firm share crash

Shares in the UK’s leading listed vet firms plunged after regulators launched a probe into prices. 

The Competition and Markets Authority is investigating whether the cost of vet services is fair following concerns that price rises are outpacing inflation.

Shares in Pets at Home closed down more than 9 per cent at 343.2p, wiping £169million off its market capitalisation. 

CVS also plummeted nearly 18 per cent to close at 1713p, knocking £266million off its value. 

The CMA said it will consider how consolidation impacts prices and choice. 

It is separately investigating several sector mergers, including takeovers by Medivet and IVC. 

Consumer group Which? said pet owners may not know the cost of treatments until after their appointment, and struggle to shop around. 

The CMA’s George Lusty told the BBC: ‘We need to make sure people can predict how much it’s going to cost to see a vet.’ 

Sophie Lund-Yates, at Hargreaves Lansdown, said: ‘The market’s reaction shows how much of a hurdle this investigation is for pet-focused companies.’