CVS Group plc Conclusion of CMA process, acquisition and trading (9258Q)
July 01 2022 - 2:00AM
UK Regulatory
TIDMCVSG
RNS Number : 9258Q
CVS Group plc
01 July 2022
1 July 2022
CVS Group Plc
("CVS" or the "Company" and, together with its subsidiaries, the
"Group")
Conclusion of CMA process through disposal, further acquisition
and trading update
CVS, the AIM-quoted veterinary group and one of the UK's leading
providers of integrated veterinary services, is pleased to announce
that the CMA investigation into its acquisition of Quality Pet Care
Limited (trading as The Vet) is now complete. The Initial
Enforcement Order, imposed by the CMA on 22 September 2021, ceased
to be in force on 27 June 2022. CVS completed the sale of Quality
Pet Care Limited on 30 June 2022 for cash proceeds of c.GBP9m,
thereby recognising an impairment of c. GBP12m which will be
reported as an exceptional item.
In addition, the Board is also pleased to announce that on 10
June 2022, CVS acquired the entire share capital of OCVC Limited,
trading as Old Courts Veterinary Centre, a two-site veterinary
practice in North Lincolnshire, for consideration of c. GBP3m. The
consideration was funded from the Group's cash balances. The Group
has significant headroom in its bank facilities which, together
with existing cash resources, is available to fund further organic
investments and acquisitions.
CVS is pleased to confirm that current trading remains in line
with management expectations for the full financial year.
The Group will issue a pre-close trading statement on 28 July
2022. Full year results for the financial year to 30 June 2022 are
expected to be released on 22 September 2022.
This announcement contains inside information for the purposes
of the retained UK version of the EU Market Abuse Regulation (EU)
596/2014 ("UK MAR"), encompassing information relating to trading
for the Company's current financial year, and is disclosed in
accordance with the Company's obligations under UK MAR. This
announcement is being made on behalf of the Company by the
directors named below.
Contacts:
CVS Group plc via MHP Communications
Richard Fairman, CEO
Jenny Farrer, Company Secretary
Singer Capital Markets (Nominated Adviser
& Broker) +44 20 7496 3000
Aubrey Powell / Jen Boorer / Rachel Hayes
MHP Communications (Financial PR) +44 20 3128 8549
Andrew Jaques / Simon Hockridge / Rachel
Farrington / Charles Hirst
About CVS Group plc ( www.cvsukltd.co.uk )
CVS Group is an AIM-quoted fully-integrated provider of
veterinary services in the UK, with practices in the Netherlands
and the Republic of Ireland. CVS is focused on providing high
quality clinical services to its customers and their animals, with
outstanding and dedicated clinical teams and support colleagues at
the core of its strategy.
The Group has c.500 veterinary practices across its three
markets, including eight specialist referral hospitals and 35
dedicated out-of-hours sites. Alongside the core Veterinary
Practices division, CVS operates Laboratories (providing diagnostic
services to CVS and third-parties), Crematoria (providing pet
cremation and clinical waste disposal for CVS and third-party
practices), Buying Groups and the Group's online retail business
("Animed Direct").
The Group employs c.7,900 personnel, including c.2,100
veterinary surgeons and c.2,900 nurses.
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END
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