CMA closes investigation into CVS Group's acquisition of Quality Pet Care
Veterinary services provider CVS Group said on Friday that the Competition and Markets Authority's investigation into its acquisition of Quality Pet Care was now complete.
CVS stated the initial enforcement order, imposed by the CMA on 22 September 2021, ceased to be in force on 27 June. It then completed the sale of Quality Pet Care for £9.0m on 30 June, with the group also recognising an impairment of roughly £12.0m to be reported as an exceptional item.
The AIM-listed group also announced that on 10 June, it had acquired OCVC Limited, trading as Old Courts Veterinary Centre, a two-site veterinary practice in North Lincolnshire, for a consideration of approximately £3.0m. The consideration was funded from CVS' cash balances.
CVS added that current trading remained in line with management expectations for the full financial year.
As of 1035 BST, CVS shares were down 1.87% at 1,625.0p.
Reporting by Iain Gilbert at Sharecast.com