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)
+44 (0)20 7418
8900
Adrian Trimmings / Michael Burke /
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,
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.