Acquisition of Animed Veterinary Group - 18 March 2008
For immediate release 18 March 2008
CVS Group plc (“CVS” or “the Group”)
Acquisition of Animed Veterinary Group
CVS, one of the UK’s leading providers of veterinary services, is pleased to announce the acquisition of the small animal and equine business of Animed LLP. This transaction brings the total number of surgeries within the Group to 146.
The practice, established in 1983, employs 13 vets among a total of 41 employees across five local branches serving South Hampshire.
The business will be acquired for a total consideration of £1.6m, to be satisfied wholly in cash.
In the year ended 31 March 2007 the practice achieved an Operating Profit of £363,000 on turnover of £2.58m and had gross assets of £879,000.
Commenting on the acquisition, CVS Chief Executive Simon Innes said:
“Animed is a high quality business with dedicated professionals who will make a great addition to the CVS Group.
Our business was established to acquire and operate veterinary practices which
were well established within their local community and had a reputation for high quality service.
Animed’s business and employees perfectly fit those criteria and we are delighted to welcome them to partner our existing practices.”
Contact:
CVS Group plc: 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Buchanan Communications: 0207 466 5000
Richard Oldworth
Suzanne Brocks