CVS chief stepping down for 'personal reasons'

(Sharecast News) - UK-listed veterinary group CVS said chief executive Richard Fairman was retiring after six years in the post for personal reasons. The company, which has operations in the UK and Australia, said Fairman would stay in post until a successor is appointed, to ensure an orderly transition.

Joining CVS in 2018 as chief financial officer before stepping up to become CEO a year later, Fairman oversaw the company's expansion into the Australian market, listing on the main London market and the recent UK regulatory probe into veterinary pricing.

As a result, vet practices will be required to cap prescription charges and publish price lists after the Competition and Markets Authority last week published its wide-ranging shake-up of the sector.

The watchdog first launched a review of vet practices that specialise in household pets in 2023, on concerns that owners were facing high charges and a lack of competition.

Around 60% of UK households own a pet, with the sector worth around £6.7bn, according to the CMA, but public satisfaction with the cost of services is "low".

Under the legally binding reforms, which will come into effect over the next 18 months, written prescription fees will be capped at £21 for the first medicine, and £12.50 for all additional drugs.

Other measures include practices having to publish comprehensive price lists for standard services and making it clear whether they are independent business or part of a large chain. The Royal College of Veterinary Surgeons will also share ownership and price details with third-party comparison websites.

More than 60% of practices are owned by just six large groups, including ted CVS Group and Pets At Home, and Linnaeus, part of US confectionary giant Mars.

Reporting by Frank Prenesti for Sharecast.com

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