Response to CMA update

CVS Group plc

12 March 2024

 

12 March 2024

CVS Group plc

("CVS" or the "Company" and, together with its subsidiaries, the "Group")

Response to CMA update on their review into the veterinary services market

Following the announcement by the Competition and Markets Authority ("CMA") this morning, CVS notes the commencement by the CMA of a consultation on a proposal to make a market investigation reference in relation to veterinary services for household pets in the UK.

CVS has engaged constructively and proactively with the CMA throughout its review. As the announcement today cites, CVS along with certain other corporate groups who together own around 50% of First Opinion Practices ("FOPs") in the UK, has already engaged constructively with the CMA and put forward a package of possible remedies to address its concerns. CVS continues to believe this package could be adopted across the market and could address the CMA's concerns more quickly than an 18-month investigation.

CVS will continue to work proactively with the CMA as the consultation progresses up until 11 April 2024. We look forward to the CMA announcing a further update subsequent to that.

CVS Group plc                                                                                               via Camarco

Richard Fairman, CEO

Ben Jacklin, Deputy CEO

Robin Alfonso, CFO

Peel Hunt LLP (Nominated Adviser & Broker)                                         ​ [phone]

Adrian Trimmings / Michael Burke / Andrew Clark / Lalit Bose

   Berenberg (Joint Broker)                                                                          ​  [phone]

Toby Flaux / Ben Wright / James Thompson / Milo Bonser

Camarco (Financial PR)                                                                                             

Ginny Pulbrook                                                                                      ​      [phone]

Geoffrey Pelham-Lane                                                                               ​  [phone]

About CVS Group plc (www.cvsukltd.co.uk)

CVS Group is an AIM-listed provider of veterinary services with operations in the UK, Australia, the Netherlands and the Republic of Ireland.  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.500 veterinary practices across its four territories, including nine specialist referral hospitals and 39 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 the Group's online retail business ("Animed Direct").

The Group employs c.9,100 personnel, including c.2,400 veterinary surgeons and c.3,400 nurses.

 

END