Veterinary practice completes MBO

A veterinary practice which has sites in Lancaster, Morecambe, Milnthorpe and Caton, has undergone a management buyout.

Colin Houston and Katie Kyle have acquired Bay Vets from three existing shareholders with support from NatWest.

Founded in 2000 following the merger of two existing practices, Bay Vets provides veterinarian care to more than 13,000 pets across Lancashire and South Cumbria.

Kyle of Bay said: “This is a hugely exciting time to be a part of Bay Vets. It’s a new chapter for the organisation and myself and Colin Houston can’t wait to get started. We are both very happy that the MBO has gone through smoothly and wish to thank NatWest for their guidance and support.”

NatWest provided two separate loans, including a goodwill loan over seven years and a property loan over 20 years to support the future growth of the business.

Gary Swift, healthcare relationship director at NatWest, said: “Bay Vets provides a brilliant service to the local communities in which it operates, so it’s fantastic to be able to support the new management team and the next stage of their growth plans. We look forward to working in partnership with the business as it expands.”