Last checked at 23 May 2024 07:12
For immediate release 23 May 2024
CVS Group plc
("CVS" or the "Company" and, together with its subsidiaries, the "Group")
Response to CMA announcement
Following the announcement by the Competition and Markets Authority ("CMA") this morning, CVS notes their decision to make a market investigation reference in relation to the supply of veterinary services for household pets in the UK. CVS will continue to proactively support the CMA through this market investigation, as it has done consistently since the CMA first launched its market review on 7 September 2023.
CVS has a clear strategy with its purpose to give the best possible care to animals and its vision to be the veterinary company people most want to work for. The Group is proud of the dedication and commitment of its colleagues in providing great care to its clients and their animals.
CVS launched a new clinical governance framework in November 2023 as an industry first in the UK veterinary sector. This clinical governance framework places contextualised care at the heart of the Group's approach to providing clients and their pets with appropriate care. This focus is neatly reflected in the Group's approach to understanding client needs under the mantra of "what matters to you, matters to us".
CVS understands that the CMA market investigation commences today and will be conducted over the next 18 months and looks forward to further updates from the CMA at the appropriate time.
CVS Group plc via Camarco
Richard Fairman, CEO
Ben Jacklin, Deputy CEO
Robin Alfonso, CFO
Peel Hunt LLP (Nominated Adviser & Joint Broker) +44 (0)20 7418 8900
Christopher Golden / James Steel / Andrew Clark / Lalit Bose
Berenberg (Joint Broker) +44 (0)20 3207 7800
Toby Flaux / Ben Wright / James Thompson / Milo Bonser
Camarco (Financial PR)
Ginny Pulbrook +44 (0)7961 315 138
Geoffrey Pelham-Lane +44 (0)7733 124 226
About CVS Group plc (www.cvsukltd.co.uk)
CVS Group is an AIM-listed provider of veterinary services with operations in the UK and Australia. CVS is focused on providing high-quality clinical services to its clients and their animals, with outstanding and dedicated clinical teams and support colleagues at the core of its strategy.
The Group operates c.460 veterinary practices across its two territories, including specialist referral hospitals and 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) and an online retail business ("Animed Direct").
The Group employs c.9,000 personnel, including c.2,400 veterinary surgeons and c.3,400 nurses.