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The CMA provisional decision was widely seen as less interventional than had been expected, largely demanding transparency over things like pricing, practice ownership and billing, which many practices had already implemented.
However, one provisional decision was that regardless of their status, all veterinary practices should inform owners that they can ask for a written prescription and explain that they may be able to have it fulfilled cheaper online.
Two of the largest online veterinary pharmacies are animed.co.uk, which is owned by CVS, and petdrugsonline, which is owned by IVC.
So in effect, the decision asked independent practices to direct their clients to competitor businesses.
What you might call a bitter pill to swallow.
In the light of the announcement, CVS issued a press release citing the "clarity" afforded by the CMA announcement and the fact that it does not think the CMA's proposed remedies will have a material impact, as factors behind its decision to seek a Main Market listing.
The company has also announced a £20m share buyback programme.
The company says that as soon as it discovered the unauthorised external access to its systems, it took them offline and started working to contain the threat.
Specialist third party consultants have been engaged to investigate the nature and extent of the incident and CVS has also informed the relevant authorities, including the Information Commissioner’s Office, because of the risk of malicious access to personal information.
The company says the majority of IT services for its practices and business functions have now been restored, but due to the increased levels of security and monitoring, some systems are not working as efficiently as before.
CVS also says that as a result of the incident, it is bringing forward plans to migrate its practice management system and related IT infrastructure to the cloud.
Analysis of the incident is ongoing and CVS says it will provide a further update in due course.
The Client Care Hub, which is thought to be an industry-first, aims to provide CVS's 1,100 receptionists – and other colleagues who look after clients in CVS’ practices, crematoria and laboratories – with a solid foundation in all aspects of good client care.
The training hub offers a range of live and on-demand courses, including short courses, guides, webinars, in-depth courses and a Level 4 certificate programme.
Courses cover various aspects of client care, such as handling challenging conversations, triaging cases, diary management, finance, and personal wellbeing.
Some course content, designed by CVS’ in-house team in collaboration with receptionists and practice managers, is unique to the veterinary profession.
Philip Webb, Learning Partner at CVS Group, said: "We hope the quality of training we’re offering, along with the peer support network we’re facilitating, will make our colleagues’ day-to-day life even more rewarding and will longer-term serve to develop their careers.”
https://knowledgehub.cvsukltd.co.uk
To raise the funds, CVS put customer and staff collection boxes in its small animal first opinion practices and referral hospitals.
Staff also held a number of fundraising events – including sponsored walks and dog shows, as well as hosting Pet Blood Bank donation days.
The money raised from the partnership will help go towards funding Pet Blood Bank’s work.
Last year the charity sent over 5,000 units of blood to vets across the UK.
Pet Blood Bank provides training for vets and nurses, and donations also help the charity to keep the cost of blood products as low as possible, and provide them free to veterinary charities.
Deputy Chief Executive of CVS Group, Ben Jacklin, said: “Pet Blood Bank is a vital charity doing crucial work within our profession.
"There is no doubt that the level of funds raised is down to the tireless commitment shown by our colleagues up and down the country.
"I’d also like to recognise the role our clients have also made - as without them we would never have reached such a great total.”
Managing Director of Pet Blood Bank, Katrina Wilkinson said: “This generous donation from CVS Group has been incredible to receive.
"We are a small charity so need all the support we can get, and CVS has truly delivered."
CVS has recently announced its next charity partner as Guide Dogs for the Blind.
The 2021 Nursing Programme, which was launched in January, is a new course that provides CVS employees with over 150 hours of foundation training and is open to all registered veterinary nurses across the company's practices.
The programme offers a range of courses and is designed to help nurses complete their mandatory CPD requirements, while providing learning and development opportunities for colleagues to further their careers.
CVS says it has capped the cost of the course so it remains accessible to all its nurses.
The company added that it plans to introduce an intermediate course in 2022, and an advanced some time thereafter, so that it can meet the CPD requirements of all of its nurses, at any stage in their career.
Lucy Turner, Chief Veterinary Nursing Officer at CVS Group (pictured right), said: “At CVS, we place our people at the heart of we do and are always searching for ways in which we can be the veterinary company that people most want to work for.
"This foundational programme, which is available almost entirely online, is a way in which we can support, nurture and build on the extensive talent we have across our Group and we greatly look forward to hearing feedback from the nurses who take part in the programme’s first year.”
The new maternity policy will offer enhancement at 100% of full pay for 10 weeks, and 50% of full pay for a further 10 weeks, without any clawback provision should mothers decide not to return to CVS after their leave.
As part of the Time To Change Pledge, CVS will submit a plan for introducing evidence-based interventions and policy to help its employees work in ways that promote positive mental wellbeing.
CVS's plan includes the appointment of 250 Wellbeing Champions who will be trained in first aid for mental health. The company also plans to roll out further training on managing stress and mental health issues for line managers in 2020.
Richard, pictured right, said: "We are proud to be the first major veterinary employer to sign the Time to Change Pledge. The CVS wellbeing working party have made much progress in the last 12 months delivering our plan which has been formalised through participating in the Time to Change pledge.
"We recognise that the pressures in our industry are significant and unique, and that there’s more work to do. We remain committed as a company and wellbeing working party to changing the way we all think and act about mental health in the workplace for the better."
In its statement, the company blamed the situation on the poor performance of 24 practices it bought in the Netherlands, and its new farm and equine divisions.
CVS says that another important factor has been employment costs, in particular the increase in market rates for locum veterinary surgeons and nurses on which it remains heavily reliant.
The company also blames its financial performance on the poor support of pharmaceutical companies, which it says it is continuing to push for transparent and 'appropriate' pricing.
Aside from trying to drive down the costs of drugs, the company says it has introduced 'additional procedures' designed to reduce the cost of employing locums, although it didn't specify what these are.
The group is also reevaluating its pipeline of acquisitions, in particular the multiples it is prepared to pay.
At the time of writing, the CVS share price had dropped over 28% to 465p overnight and 70% since the share price peaked at 1477p in November 2017.
In the game of acquisitions musical chairs, did the music just stop?
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