(Alliance News) CVS Group PLC on Friday said it bought a veterinary centre and expects to take an impairment over its aborted Quality Pet Care deal.
The Norfolk-based veterinary services firm announced it has bought OCVC Ltd, which trades as Old Courts Veterinary Centre, for GBP3 million. It is a veterinary practice in North Lincolnshire.
In addition, CVS said it will recognise an impairment of around GBP12 million after the UK Competition & Markets Authority earlier this week said it will not progress a probe into CVS's purchase of Quality Pet Care Ltd after the London-listed firm agreed to offload the business in question.
CVS sold Quality Pet Care on Thursday for GBP9 million. In August 2021, CVS announced its acquisition of Quality Pet Care, which trades as The Vet, for GBP20.4 million - before the CMA a month later raised competition concerns over the transaction.
CVS added that trading for the financial year that ended June 30 is in line with management expectations.
Shares in CVS were down 1.9% at 1,625.00 pence in London on Thursday.
By Tom Budszus; tombudszus@alliancenews.com
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CVS Group (CVSG)