The Competition and Markets Authority (CMA) has launched a formal investigation into the UK veterinary sector.

The inquiry is focussed on the presence of large corporate vet groups who have been active in buying up independent practices in recent years.

According to the CMA, around 10% of UK vet practices belonged to large corporate groups in 2013, but the share has now grown to almost 60%.

Sarah Cardell, chief executive of the CMA, said there are concerns about “weak competition in some areas, driven in part by sector consolidation”.

A consultation exercise, which aims to gather views from the public, opened for responses on Tuesday as part of the investigation process.

While the consultation is focussed on pet owners, findings from the CMA investigation could eventually affect the veterinary services that are available to livestock farmers.

For example, the CMA has the power to hand out “legally enforceable remedies” as part of its inquiries. This includes ordering the sale or disposal of businesses.