AN established Belfast veterinary practice is now owned by its staff after transferring into an Employee Ownership Trust (EOT), which safeguards its future as an independent business.
Cornerstone Veterinary Clinic currently employs 15- staff, who are all now practice owners and shareholders in the business.
The practice was founded by Dr Peter Herold, who will remain with the business.
Cornerstone operates from a practice located between Belfast city centre and Cregagh on Castlereagh Road.
After significantly expanding in 2016 to incorporate the building’s first floor into the practice, it now offers three consulting rooms, a dental theatre, ultrasound facility, X-ray suite, in-house laboratory and operating theatre.
In 2021 Pennard Vets, which has seven practices in Kent, became the world’s largest employee-owned practice, in order to protect both its independence and core values, which date back more than 125 years.
Peter was inspired to explore how Cornerstone could become an EOT and he contacted the directors at Pennard Vets, who helped guide him through the process.
He said: “After starting Cornerstone 11 years ago, we have developed a long-standing, loyal and dedicated team who are all very popular with our established client base across Belfast and beyond.
“I genuinely love Cornerstone, and so do our team and clients, and although I’m not ready to retire yet, the end of my professional life will come in the next decade, so I wanted to start planning for it.
“The obvious option would be to sell the practice to a corporate chain, but I knew that would change how we worked. There would be much more emphasis on profit levels, and we’d be forced to make decisions that we were uncomfortable with.
“We have an amazing team who are full of ideas about how to make Cornerstone even better and to guarantee a successful future, the practice needs to continue growing in a way that works for its people, our clients and their pets.
“When I read about Pennard Vets becoming an EOT, it immediately resonated with me, and I hoped it could be an option for Cornerstone.”
Peter added: “Our senior team at Cornerstone are all very skilled and share common values in relation to customer service, veterinary care and client charges, and it’s this ethos that makes us popular with clients.
“Making the business an EOT will ensure this continues by safeguarding the future of the business, whilst giving each member of the team the benefit of being a business owner without them having to buy in.”
