CVS Group completes acquisitions and agrees new banking facilities

Veterinary services provider CVS Group has completed the acquisition of Albavet and The Pet Crematorium in two separate deals.

The London-listed company will pay £11.3m to acquire the former along with its VETiesco subsidiary and indicated the group’s 11 veterinary surgeries will be a good fit with its existing portfolio.

CVS confirmed the deal for The Pet Crematorium, which operates two sites in Durham and north of the border in Hamilton, adding the deal will boost its geographical coverage, although it did not provide any financial details.

Meanwhile, the group has agreed new banking facilities with Royal Bank of Scotland, Allied Irish Banks and HSBC for a combined £115m, comprising a £67.5m fixed-term loan and a £47.5m revolving credit facility, both expiring in 2021.

CVS shares were up 4.66% to 763.00p at 1035 GMT on Friday.