Shares in Premier Veterinary Group (LON:PVG) have risen over 10 percent this morning after completing the sale of its Veterinary Business to Independent Vetcare.

The deal was worth £6.5 million in cash payment and will allow the company to focus on the growth of its subsidiary, Premier Vet Alliance.

CEO Dominic Tonner said in a statement: “We are very excited that we now have additional resources to expand the PVA business. The Board believes that the Disposal, coupled with the resultant focus on the PVA business, will lead to the enhancement of shareholder value. The Disposal re-enforces our independence in terms of the provision of services to third party veterinary clinics.”

The sale was announced after a strategic review of the company’s assets and aims to reinforce their independence in the provision of services to third party veterinary clinics.

Premier Veterinary Group is one of the largest movers on the London market this morning, currently trading up 11.35 percent at 109.68 pence per share (0929GMT). The company has a 52-week range of between 27.15 and 121 pence.

21/12/2015