Vet group IVC spent £34mn on regulator’s sector probe

By the Editorial Team · Wednesday, June 24, 2026

IVC Evidensia spent £34 million over two years addressing a UK Competition and Markets Authority investigation that resulted in a cap on veterinary prescription fees at £21. Despite increased regulatory costs, the company maintained strong financial performance and is now considering an IPO or sale as its owner, EQT, explores exit options.

IVC Evidensia, the leading veterinary care provider in the UK, has spent £34 million over the past two years responding to an investigation by the UK Competition and Markets Authority (CMA), according to recently filed company accounts. The private equity-owned group’s substantial expenditure reflects efforts to comply with the regulator’s probe into pricing practices within the veterinary sector.

The CMA launched its review in September 2023 amid a period when IVC’s owner, EQT, was evaluating strategic options for the business after holding it for a decade. The investigation concluded in March 2025, resulting in a ruling limiting the maximum fee that UK veterinary practices can charge for a first prescription to £21. This ruling aims to increase price transparency in a market dominated by a few large chains.

IVC Evidensia’s accounts show it spent £10.6 million in the year ending September 2025 on compliance-related costs tied to the CMA investigation, following £24 million in the preceding year. The study found that average prices at veterinary practices owned by IVC, Medivet, CVS, VetPartners, and Linnaeus were approximately 18.3 percent higher than those at independent clinics for services including consultations, treatments, and medicines.

The CMA’s findings underscore concerns in a sector where roughly 60 percent of the UK’s £6.7 billion veterinary market is controlled by large chains, with IVC Evidensia as the largest player. The group operates 2,600 sites across 19 countries and provides care for around 190,000 animals weekly.

Despite the cost and scrutiny, financial performance remained stable, with revenues holding steady at £3.42 billion. Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 4 percent to £719.6 million, compared with £693.3 million the previous year.

Following the regulator’s conclusion, IVC’s owner EQT is in preliminary discussions with advisers regarding potential exit strategies, including a possible multibillion-pound initial public offering on the London or European stock markets. However, a final decision on pursuing an IPO or a sale has not yet been announced. Analysts noted relief in the sector that the regulator did not impose more extensive price controls or prolonged monitoring of veterinary chains.

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