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CVS shares slide as CMA consults on possible market probe
(Sharecast News) - Shares in UK veterinary service provider CVS Group were in the red on Tuesday, after the Competition and Markets Authority (CMA) announced a consultation over its proposal to conduct a market investigation concerning veterinary services for household pets in the UK. The AIM-traded firm said that throughout the regulator's review process, it had actively and cooperatively engaged with the authority.
It said that, along with other entities collectively owning around 50% of 'first opinion practices' (FOPs) in the UK, it had participated in constructive dialogue with the CMA.
As the CMA said in its announcement, CVS, among others, had proposed a set of potential remedies to address the competition watchdog's concerns.
CVS said it still believed that its proposed package of remedies, if adopted industry-wide, could effectively address the competition concerns in a timelier manner compared to the alternative of an 18-month investigation.
"CVS will continue to work proactively with the CMA as the consultation progresses up until 11 April," the board said in its statement.
"We look forward to the CMA announcing a further update subsequent to that."
At 1205 GMT, shares in CVS Group were down 21.21% at 1,148p.
Reporting by Josh White for Sharecast.com.
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