Bridges Ventures-backed The Vet opens second site in Southampton
Bridges Ventures (“Bridges”) has today announced that The Vet, one of its portfolio companies, has opened a second low-cost, high quality walk-in clinic for domestic pets, based in Southampton.
The Vet was launched in July 2013 as a new choice of veterinary service bringing the best clinical care at affordable prices to pet-owners. It offers consultations from as little as £14.99, and healthcare plans starting at just £4.99 per month.
Following a successful 10 months of trading at its first site in Hengrove, Bristol, The Vet has secured over 4,000 registered customers, 35% of whom have never used a vet before.
Garret Turley, Partner at Bridges Ventures, said: “At Bridges, one of our core investment aims is to support consumer champion companies that provide value for money to customers from underserved areas. The Vet is an apt fit for this model and the impressive growth since launch is testament to the management team’s commitment to providing access to quality veterinary services for consumers on lower incomes.”
“We have been working alongside the management team at The Vet from the concept stage and are very impressed with how successful the business has become in such a short space of time. It is great that the team has already opened a second clinic and we are pleased to announce plans for a third opening expected in July.”
Jane Baldwin, Operations Director at The Vet, said:
“Bridges’ understanding of the market and our vision for growth, as well as the team’s experience of successfully rolling out disruptive consumer businesses has proved invaluable. The team has helped us develop a clear growth plan for the business and we are thrilled to be on track with our targets to expand into new areas. Our focus remains on bringing quality, affordable veterinary services to consumers in underserved areas and we look forward to working with Bridges as we continue to grow.”
Bridges’ investment in The Vet was the first commitment from the Bridges Sustainable Growth Fund III, which achieved its final close at £125m last year, exceeding its original target of £100m. It has now invested in five businesses.
The fund focuses on the provision of growth capital to ambitious businesses that generate impact through the products they sell in certain sectors like health & well-being, education & skills or the environment, or to consumer champion businesses serving underserved markets or companies building economic dynamism in under-invested areas.
For more information about The Vet, its team and services please visit www.thevet.co.uk.
Notes to Editors
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Bridges Ventures (www.bridgesventures.com)
Bridges Ventures LLP (“Bridges Ventures”) is a specialist fund manager dedicated to using an impact-driven investment approach to create superior returns for both investors and society at large. Bridges Ventures has raised eight funds to date which total £460m: Sustainable Growth Funds I, II and III, the Bridges Sustainable Property Fund, the CarePlaces Fund, the Bridges Property Alternatives Fund, the Bridges Social Entrepreneurs Fund and the Bridges Social Impact Bond Fund.
The Vet (www.thevet.co.uk)
The Vet is a new style of veterinary clinic offering a new choice of veterinary care. Our walk-in clinics mean that pet owners can see their vet at a time to suit their lifestyle. We offer quality, compassionate medical care for pets, with a convenient no-appointment system. And there’s free membership to the Bristol Pet Club for pet owners and their pets to benefit from too.
We believe that high quality veterinary care shouldn’t come at a high cost. Our modern, purpose built, bright clinic is staffed by an experienced, dedicated and friendly team and our clients won’t pay the earth for our services. We think it’s only fair to promise to keep our pricing low, and we don’t have hidden extras.
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