For immediate release 16 March 2010
CVS Group plc (“CVS” or “the Group”)
Goudhurst Veterinary Surgery and Equine Clinic, Kent
CVS, one of the UK's leading providers of veterinary services, is pleased to announce the acquisition of Goudhurst Veterinary Surgery and Equine clinic ("Goudhurst"), a single site veterinary surgery based in Kent.
The acquisition demonstrates the Company's strong pipeline of potential acquisition opportunities following the acquisition of Veterinary Enterprises and Trading Limited ("Veterinary Enterprises") earlier this month and increases the number of surgeries operated by CVS to 198.
CVS will assume all management responsibilities for Goudhurst following completion of the acquisition. In line with the Company's strategy, administration will be consolidated within the Company's central facilities, providing cost synergies and benefits following the acquisition.
In the year ended 31 March 2009, Goudhurst achieved profit before tax of GBP109,000 on turnover of approximately GBP503,000. The acquisition includes GBP43,000 of fixed assets at the March 2009 year end and CVS will also acquire the current stock. The consideration for the acquisition is being met entirely from internally generated cash. The practice has three professional vets and nine staff in total.
Commenting on the acquisition, CVS Chief Executive Simon Innes said: "Goudhurst is a quality well established practice and we are delighted to be continuing to add to our portfolio immediately following the completion of the acquisition of Veterinary Enterprises earlier this month. We look forward to working with the Goudhurst team to help them continue the high level of animal care and customer service that they have been delivering to date."
Contact:
CVS Group plc: 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Buchanan Communications: 020 7466 5000
Richard Oldworth
Suzanne Brocks
Brewin Dolphin Investment Banking: 0845 059 6740
Richard Jones/Matt Davis
Paul Mason
