Last checked at 1 Jul 2022 07:00
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.£9m, thereby recognising an impairment of c.£12m 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.£3m. 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.