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(Sole trader version starting March 15th 2019)

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With corporate practices now owning 65% of small animal practices and an estimted 50% mixed practices the veterinary market has changed dramatically. However, the last 6 months have seen a marked reduction in the rate of purchasing and the prices paid as the corporate practices came to realise that veterinary practices are not quite the cash cows they assumed.

However, good profitable well managed practices of the right size and in the right location can still command a high price if the sale is handled in a professional way by a team the understands the veterinary market. The successful sale of a practice still needs to have that relationship between the seller, broker and purchaser to obtain the best outcome.
Speak to The VBA without any obligation and see how we can help maximise the return on your practice.

Tel Malcolm 0793 9216174 or Contact

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January 30 2019 - Major veterinary news flash-

Hundreds of deceased vets will be rotating underground, when the latest news reported as a 1/4 page article in one of the major veterinary weekly journals "Vet smashes record while expressing milk"! is passed on. Is his what we have come to?

January 30 2019- CVS share falls -
Another marked fall in CVS shares took place on 29/30th of January 2019. Although their sales have increased on a like for like basis in the 6m to 31 Dec, the profitability has dropped due to increased wage costs primarily due to increased use of highly paid locum's. Additionally underperformance of their Netherlands venture has affected profits.
As CVS's financials are exposed on the stock market, we can imagine that similar problems on wage costs are affecting the other corporate companies. The result may be that we see a noticeable reduction from the very high prices paid in the last two years and a change in the performance criteria of the potential targets by all the corporate purchasers.

From Companies house announcement by CVS

Further to the Trading Update issued on 29 November 2018, the Group completed the acquisition of three further practices in the first week of December 2018, for combined consideration of £5.0m. No further acquisitions have been made since that time.
The Group believes that acquisition multiples being sought by practice owners are increasingly above levels which will deliver acceptable financial returns.  Whilst the group has a further pipeline of acquisitions, for which terms have been agreed in principle, the Board is re-evaluating all acquisitions and particularly the multiples it is willing to pay."

January 4. 2019 Brexit worries -

Brexit worries are slowing down the rate of practice sales. The economic outcome of the Brexit deal, especially a No Deal is causing owners to hold back in the decision to sell their practicesDecember 20. 2018 IVC buys Vets

December 20. 2018 IVC buys Vets Now-
Vets Now will operate as an independent part of the IVC Group. Vets Now’s founder Richard Dixon MRCVS will no longer be part of Vets. Mark Ross is Vets Now's chief executive. After graduating from the University of Glasgow with a degree in accountancy, he has been CEO since 2015

Dec 01. 2018 Both CVS and vet4pets are showing a reduction in their share values-
In both cases, because they are on the stock market they have to be transparent and report the reasons behind any changes in their performance and the effects on projected profits. The other Non corporates are primarily owned by private equity investors and their financial position is far more difficult to interpret, however both Vet partners and IVC have had large cash inputs and changes of equity ownership over the last period.
Combined with Brexit we are in a very unstable situation, but the corporates are to an extent just showing what the majority of independent practice are also suffering, a vet shortage affecting growth and stability.

Nov 30. 208 Job site-
we have just launched a job site link with FREE Adverts through Indeed for veterinary pract

Nov 2018 Fewer independent practices left!

Latest figures indicate that the corporate sector now own 65% of all Small Animal practices. Their rate of purchase is now slowing due to 1. The numbers remaining 2. The shortage of vets. The result is they are far more selective in their purchases, tending to avoid the smaller units and going for the remaining larger practices.

The LA sector is being obtained at a slower rate, but is still continuing apace, but again they are becoming more selective.
The overall effect will almost certainly mean a reduction in the earlier high prices being paid over the last 18 months.
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Feb 01-2019

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