Veterinary group CVS Group (AIM:CVSG) has bought the Old Courts Veterinary Centre (OCVC) in North Lincolnshire and divested its interest in The Vet following a market competition review.
A Competition Markets Authority (CMA) investigation into its purchase of Quality Pet Care Ltd, which trades as The Vet, has now concluded, resulting in the authority withdrawing the initial enforcement order put in place in September this week.
The vet group said in a regulatory filing today that it has now divested Quality Pet Care for £9mln in cash proceeds.
This year's trading is “in line” with management’s expectations for the full financial year, it said, adding that it expects to register a £12mln impairment charge in connection with offloading its interest in The Vet.
CVS also said it has agreed to buy OCVC’s veterinary practice, which is located across two sites, for £3mln.
The group, which funded the purchase on its cash balance sheet, said it could make more acquisitions as its bank loan facilities offer “significant headroom” to fund “further organic investments and acquisitions”.
Its shares dipped 2.29% today.