Village Vets, an Irish veterinary practice chain, is set to undergo expansion, according to CEO Charles Cosgrave. The group plans to establish six additional branches in the near future, extending into 2025. The organisation is backed by a majority shareholder based in London and has successfully taken over local outlets and integrated them into the Village Vets brand.
Presently, the group runs a network of 21 facilities in key locations such as Dublin, Meath, Kildare, Limerick, and Cork. It is anticipated that two fresh units will commence operations in Raheny and Lusk in north Co Dublin by the year’s end. Four more establishments are scheduled to open in the following year.
The group’s parent company, Blackhall Facilities Management, saw a 9.7 percent rise in earnings to €19.4 million across the entire Village Vets network in 2023. Operational profits amounted to €430,500 compared to a minor operational loss the preceding year.
Despite a hike in revenue, Blackhall Properties, another company in the group, recorded a loss of €113,200 in 2023, a decline from the previous year’s loss of nearly €471,000. This was largely due to sizable outlays for “noncore professional fees” and site acquisitions, as explained by Mr. Cosgrave.
Revenues in 2024 thus far are surpassing the previous year by a margin of 12-14 percent. This increased income is attributed to the expansion of consumer expenditures on pet care and the maturation of recent investments made in new sites.
Cosgrave pointed out “the humanisation of pets has been on a steady upward trend and was fast-tracked during the Covid period, where pets evolved to be integral family members. This has resulted in a higher demand for our humanised healthcare services or similar offerings.”
Founded by Karl Cosgrave, Charles’ father, in 1980, Village Vets decided to sell a majority of its business stake to Inflexion, a private equity firm based in London, in a deal concluded last year. Whilst exact financial details of the transaction were not made public, Inflexion is renowned for investing between £10 million-£400 million in businesses with immense growth potential. The deal was given the green light by the Competition and Consumer Protection Commission.
In the wake of the acquisition, Village Vets introduced a unique equity system for owner-operators, marking a first within the fast-paced consolidating veterinary market in the Republic. According to Mr Cosgrave, this allows incoming operators a chance to have a “piece of the pie”, while the group handles all the administrative duties including HR, marketing, finance, payroll, and ordering.
Mr Cosgrave also mentioned that the infusion of funds from Inflexion has facilitated Village Vets’ investment in advanced diagnostic apparatus such as the CAT scan machine. The new equipment has been installed at their Ashbourne clinic in County Meath.