Global Veterinary Excellence Limited agreed to acquire Non-core operations in the Netherlands and the Republic of Ireland from CVS Group plc (AIM:CVSG) for £1.7 on May 21, 2024. CVS is providing a £0.6 million unsecured loan at a market rate to Global Veterinary Excellence Limited. For the financial year ended 30 June 2023 had combined revenue of £19.4 million; adjusted EBITDA loss of £0.2 million; loss before tax of £6.8 million, which included a £2.3 million exceptional write off; and net assets with a carrying value of £16.4 million in the Group consolidated accounts.

The forecast for the year to 30 June 2024 is a combined adjusted EBITDA loss of approximately £2.0 million and loss before tax of approximately £6.0 million. It is expected that CVS will make a non-cash write-down in its FY2024 accounts in relation to the disposals. The deal is expected to complete within the next two weeks.

Peel Hunt LLP acted as financial advisor to CVS Group plc (AIM:CVSG).