CVS Group successfully raises £30m

Integrated veterinary services provider CVS Group announced on Wednesday that, following its announcements on Tuesday, it successfully raised a total of £30.2m before expenses by means of an accelerated bookbuild with existing and new investors, and will issue 3,019,500 new ordinary shares at a price of 1000p each.

The AIM-traded company said the issue of the placing shares was being made under existing authorities and remained subject to admission.

It said the placing was around 2.4 times oversubscribed.

The net proceeds of the placing, being approximately £29.5m, will be used primarily to facilitate further acquisitions in the UK and the Netherlands, in line with the group's existing growth strategy, its board said.

Following admission, the placing shares will represent approximately 4.76% of the share capital of the company, as enlarged by the issue of the placing shares

“The board is pleased to conclude this fundraising with the strong support of shareholders and new investors,” said chief executive Simon Innes.

“We remain excited by the continuing prospect to build further on our position as a leading provider of integrated veterinary services in the UK, as well as by that in the Netherlands, which we recently entered with our first two acquisitions and which we see as offering a compelling opportunity to develop a business on a similar basis to our UK one.”

Innes said the company’s established network and experienced team offers significant opportunities for further growth, and the board was looking forward to building further value in the business, through further acquisitions and continuing organic growth.

“We remain focused on delivering excellent customer service and care and on providing high quality training and career opportunities for our staff.”