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Pets at Home earmarks 30 practices for closure
First half profits fell from £40.8 million to £8 million.

Company’s profits fall by 80 per cent, financial report reveals 

Pets at Home could be set to close 30 of its joint venture practices, amid profit losses of more than 80 per cent.

The firm’s latest interim financial report reveals that first half profits fell from £40.8 million to £8 million, largely owing to charges of £29 million that relate to vet business restructuring.

Pets at Home will offer to buy back and consolidate 55 out of the 471 practices. Of these, 25 will be operated as company managed practices, while the remainder may close.

CEO Peter Pritchard, who has led the company since May, commented: “Reviewing our Vet Group has been a priority. I recognise we have grown at pace and more recently, have seen the pressure that rising costs and our fees are placing on this young business.

“We will need to recalibrate the business to deliver more measured growth, whilst maintaining our plan to generate significant cash profits.

“We are focused on maximising our unique assets and delivering a plan for sustainable cashflow and profit growth. Given the success of the changes we have made in Retail, I'm confident we can do this."

Equity analyst Nicholas Hyett, of Hargreaves Lansdown stockbrokers, told Sky News the move represents a major shake-up “as the vets' partners struggle to make sufficient money to pay Pets' fees and still take home a decent wage themselves”.

He added: "That's partly due to factors outside Pets' control. A decline in the number of EU vets in the UK is putting pressure on salaries and also making it more difficult to find new partners."

Image © P L Chadwick (CC BY-SA 2.0)
 

 

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Registrations open for overseas veterinary professionals course

News Story 1
 Registrations are now open for the RCVS CPD course for overseas veterinary professionals, which covers an introduction to the UK veterinary professions.

The course is aimed at overseas-qualified veterinary surgeons and nurses during their first two years of working in the UK, in addition to those considering working here. It provides graduates with the key information and skills required to practice in the UK, as well as helping them understand their legal duties as veterinary professionals.

For more information and to book your place please click here. The course will be held at Belgravia House, London, on Wednesday 12 June.  

Click here for more...
News Shorts
New online guides provide advice for dog owners

A series of downloadable leaflets for dog owners have been produced by veterinary charity PetSavers in a bid to reduce the temptation to seek advice online.

The series entitled ‘My Dog’s Got’ offers practical information on an array of topics, including ‘My dog has dental disease,’ ‘My dog has itchy skin,’ and My dog has kidney disease.’

The new guides can be downloaded here. Printed versions of the new guides can be ordered by veterinary practices in exchange for a donation to PetSavers.