Pets at Home has expressed disappointment with the Competition and Markets Authority’s (CMA) concerns over vet pricing. The watchdog is planning a formal investigation into the £2bn industry amid fears that large chains are marginalizing small independent practices and impacting the UK’s 16 million pet owners. The CMA noted difficulty in accessing basic information like price lists and prescription costs, leading to the possibility of pet owners overpaying for medicines. Around 1,500 of the 5,000 vet practices in the UK have been taken over by six large corporate groups, such as Pets at Home, since 2013, according to the CMA.

Pets at Home, whose shares fell by almost 7% following this news, expressed disappointment, maintaining that their business model is centered on independently-operated, locally-owned vet practices. The company insists that it encourages competition as all pricing, products, and services are decided by individual veterinary practices, based on local customer needs. They have pledged continued cooperation with the CMA as the inquiry proceeds, encouraging recognition of their unique business model.

In unrelated news, other businesses have also been dealing with their own issues. Aldi has increased staff pay for the second time this year, making its new minimum rate the highest level of entry pay offered by a UK supermarket. Also, the UK’s unemployment rate unexpectedly rose to 3.9% from 3.8%, and pay growth slowed, reflecting wider weaknesses in the UK economy. Notably, Persimmon, the FTSE 100 housebuilder, saw a 33% drop in home completions, a halving in annual profits, and warns of a subdued outlook.

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