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By Josh Loeb
Around 30 first-opinion practices that are part of Pets at Home Vet Group have been earmarked for closure in a decision that could potentially affect hundreds of jobs.
The announcement this week follows Pets at Home’s review of its business, which identified ‘upward pressure on salaries’ arising from a tightening supply of vets in the UK.
A notice to the company’s investors stated that rising salary costs had created ‘cost pressure’ in practices that constrained their ability to grow, leading to increased levels of practice debt and further delays before profitability.
This resulted in a need for the company to support practices with millions of pounds in extra funding, in so doing eroding cash profits and returns for the company at large.
Currently a total of 471 first opinion vet practices – trading under the Companion Care and Vets4Pets brands – form part of Pets at Home Vet Group. Most operate under a joint venture …
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