A Norwegian billionaire who owns the UK’s biggest chain of veterinary practices is cashing in as pet owners face ‘eye watering’ prices to care for their pet.
Property mogul Christian Sinding, 51, is the owner of IVC Evidensia – one of several firms to be implicated in a row this week over soaring vets prices.
The chain’s UK revenues soared from £834million in 2020 to £1.2billion in 2022 as pet owners face progressively unaffordable bills.
It comes as some owners reported having to travel abroad for pet treatments, with international comparisons showing a basic vet appointment for a cat costs around £23 in France compared to £54 in the UK.
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IVC Evidensia is the biggest of six firms mentioned in a report this week by the Competition and Markets Authority (CMA), which listed ‘multiple concerns’ and announced a huge investigation.
Sarah Cardell, CMA’s chief executive, said there were ‘incentives for large corporate groups to act in ways which may reduce competition and choice’.
The companies listed in CMA’s report – CVS, IVC, Linnaeus, Medivet, Pets At Home and VetPartners – already own 2,869 of Britain’s 4,920 vet surgeries.
It comes as the number of locally owned independent practices dropped from 89 per cent to 45 per cent in the eight years to 2021.
IVC is by far the largest of the six companies, with 1,018 UK practices – more than double the number owned by any of the other companies.
Sinding, dubbed the ‘baby-faced assassin’, lives with his American wife and two children on Zurich’s Gold Coast, The Sun reported.
He has tranformed EQT – the private equity group which owns IVC – into one of the fastest-growing firms on the planet – owning some 300 companies.
The rich businessman recently sold a home in Bygdoy, Norway, for £3million.
Pet owner Lisa Johnson, of Wilmslow, said she realised prices had soared after the vets she used for 20 years was bought out by IVC.
Ms Johnson, who has dogs, hamsters and guinea pigs, told The Sun: ‘After our mortgage and bills, half of my income is going on vet bills.’
She added: ‘We’re struggling with utility bills, and food prices. I feel we’re being taken advantage of because we are animal lovers and would never compromise on their health.’
It comes as ‘eye watering‘ fees charged by big-name veterinary practices are forcing some customers to go abroad for treatment.
CMA has warned pet owners may be paying too much at the vet for their animal’s medicine, prescriptions and care.
International comparisons show animal lovers can sometimes find cheaper prices overseas, with a basic vet appointment for a cat costing around £23 in France and £28 in Germany compared to £54 in the UK.
A vaccination in Britain costs around £95, according to insurance provider All Pets, compared to £43 to £68 in France. X-rays also appear to be much cheaper at around £38 in France versus up to £400 at home.
The UK fares better for the average price of pet insurance, which Compare the Market puts at around £372 a year. This compares well to the US – £500 for dogs and £303 for cats; and Canada – £470 for dogs and £250 for cats.
Dog owner Brian Flynn said he had his beagle treated abroad to avoid paying thousands of pounds in UK vet bills.
Mr Flynn, 52, said a UK vet quoted him £5,318 for surgery and aftercare when eight-year-old Flash suffered a leg injury during a holiday in France.
The owner was left ‘gobsmacked’ when he took Flash to a local vet in the alpine town of Bourg-Saint-Maurice, who said the same treatment would cost just £1,493.
The British Veterinary Association has argued that bills are ‘fair’ and said vets were facing rising costs.
But the CMA is concerned owners are kept in the dark about fees and face pricey unexpected bills. It will now investigate CVS, IVC, Linnaeus, Medivet, Pets At Home and VetPartners.
MailOnline has contacted IVC Evidensia for comment.
Are YOU struggling with vets bills? Email katherine.lawton@mailonline.co.uk