Simon Smith, chief executive of IVC Evidensia, told The Times that it would be “very difficult” to float the €12.3 billion veterinary group in London if the UK’s competition watchdog imposes open-ended or shifting remedies.
The Competition and Markets Authority (CMA) is probing the £5 billion pet care market, amid concerns over transparency and pricing.
Smith said uncertainty caused by the inquiry has already triggered a “massive outflow of investment”.
IVC, which runs over 1,000 UK vet clinics, is eyeing a listing after the CMA concludes its review.
Proposed remedies range from prescription fee caps to a price comparison site.
Smith urged the CMA to ensure final decisions are clear and stable, adding that business needs a “conducive” investment environment.