Private equity firms have been accused of collaring the market in a corporate “feeding frenzy” that has seen local, independent vets gobbled up by global giants.

Carolyn Thomas told the Senedd that non-vet ownership has led to a “monopolisation” of the sector, with six big firms owning 60% of UK practices – up from 10% a decade ago.

Leading a debate on Wednesday (10 December), the Labour politician warned the “endless pursuit of profit” was driving down wages for staff while pushing up fees for customers.

“The cost-of-living crisis has put significant financial burden on pet owners,” she said.

“Many have been priced out of pet insurance, with premiums based on postcode. If an area has a large corporate presence, premiums are higher, but without insurance, sudden, huge vet bills can be impossible to pay.

“I read about pet owners skipping meals to cover costs, having to hand over their pets to rescue, or – in some cases – very sadly being forced to euthanise their pet.”

The short debate was prompted by a petition submitted by Linda Evelyn Joyce-Jones raising concerns about the corporate takeover of veterinary practices.

Ms Thomas raised an ongoing Competition and Markets Authority (CMA) investigation into the veterinary market for household pets which has uncovered major competition concerns.

Ms Thomas said bills for pet owners have increased by 60% – “double the rate of inflation and increases in vet salaries”.

She pointed to growing pressure on rescue centres, with the RSPCA reporting a 25% rise in the number of pets abandoned in Wales and England this year.

Huw Irranca-Davies, Wales’ deputy first minister, said the Welsh Government was awaiting the final outcome of the CMA’s investigation expected in March 2026.

He pointed out that regulation of veterinary surgeons remains non-devolved as he welcomed the UK Government’s intention to consult on “timely” reform of the Veterinary Surgeons Act.