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Pets at Home Shares Dip as UK Watchdog Initiates Vet Services Market Review

by Lisa

Shares in Pets at Home (PETSP.L) experienced a decline of approximately 13%, reaching a more than seven-month low on Thursday. This downturn followed the launch of a review by the UK’s antitrust watchdog into the veterinary services market, citing concerns that pet owners may not be receiving a fair deal.

Pets at Home, which holds a commanding 24% market share in the British pet services industry, operates extensive veterinary services, offering both in-clinic and online options in nearly two-thirds of its stores.

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The Competition and Markets Authority (CMA) has announced its intention to investigate the fees associated with veterinary services, particularly in light of the escalating costs of living.

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Pet ownership and adoption have been on the rise since the onset of the COVID-19 lockdown in 2020, with work-from-home lifestyles fueling the demand for four-legged companions.

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The share price of Pets at Home saw a decline of as much as 12.6%, reaching 330.8 pence.

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CMA Chief Executive Sarah Cardell stated, “There has been a lot of consolidation in the vet industry in recent years, so now is the right time to take a look at how the market is working.”

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