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