Team of 99 own Pennard Vets following employee ownership innovation.
An independent veterinary group in Kent is celebrating after becoming the largest practice in the world to become owned by its employees following completion of the Employee Ownership Trust (EOT) scheme.
Established in the late 1800s, Pennard Vets set out to become an EOT earlier this year. The achievement means that all of its 99 team members, based across six clinics, are practice owners and shareholders in the company.
The team recently celebrated its success with a summer family BBQ and party held at the Manor Hotel in Tonbridge.
Andy Green, one of Pennard Vets’ three previous sole directors, commented on the achievement: “Pennard Vets is a special practice that has been a part of the fabric of the local community for 125 years, and we want to be here in another 125 years.
“At a time when many other practices are being taken over by large corporate organisations, we knew that the EOT was the right way to guarantee an independent future for our 99 team members. Although we received plenty of interest and offers from the corporates, it was important to remain true to ourselves and our values.”
He added: “It is increasingly difficult for vets to buy into independent practices and the traditional partner progression model no longer works, so after exploring various possibilities, it became clear that the EOT option was ideal for us and protects everything that we stand for.
“Crucially, it also means Pennard Vets won’t be taken over and gives everyone in our team both autonomy and a voice, as well as safeguarding our fundamental core values that are built around compassion, client focus and continually improving everything we do. There’s no doubt this will further enhance the high standard of care that our clients enjoy and is also helping us to grow our team and attract new talent.”
One of the first recruits to benefit from the EOT model is vet Emma Ball, who works at the Group’s Sevenoaks practice.
Emma said: “I initially did work experience at Pennard Vets eight years ago and immediately felt like part of the family. Everyone took the time to make sure I learnt as much as possible, so when I was offered this role, it was an easy decision for me.
“Coming back to the practice has been a fantastic experience and to benefit from the EOT is the icing on the cake. Although lots of people dream of owning their own practice, it’s a very difficult thing to achieve.
"Now we’re all stakeholders in the business, it has made our team spirit even stronger and means everyone makes even more effort to make Pennard Vets successful and ensure clients always enjoy the very best level of care.”
FIVP has shared a survey, inviting those working in independent practice to share their views on the CMA's proposed remedies.
