Acquisition of Joel Veterinary Clinic Ltd - 2 December 2008
For immediate release 2 December 2008
CVS Group plc (“CVS” or “the Group”)
Acquisition of Joel Veterinary Clinic Ltd
CVS, one of the UK’s leading providers of veterinary services, is pleased to announce the acquisition of Joel Veterinary Clinic Ltd (“Joel”), based near Pinner, Middlesex. Joel is a single site small animal surgery, well recognised for the excellence of the service it provides with a loyal client following.
CVS will assume all management responsibilities for Joel following completion of the acquisition including the current employees, which comprise 3 professional vets amongst a total staff of 11. In line with CVS’ strategy, administration will be consolidated within CVS’ central facilities, providing scope for cost synergies and benefits following the acquisition.
In the year ended 31 July 2008, Joel achieved profit before tax of £349,000 on turnover of £866,000. The value of the fixed assets being acquired is £43,000.
The consideration for this acquisition is being met entirely from internal cash.
Commenting on the acquisition, CVS Chief Executive Simon Innes said:
“We are pleased to be acquiring Joel, which is a quality practice with dedicated professionals who will make a great addition to the CVS Group. We look forward to working with them, allowing Joel to concentrate on continuing to provide clinical excellence and client service.”
Contact:
CVS Group plc: 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Buchanan Communications: 020 7466 5000
Richard Oldworth
Ben Romney
Panmure Gordon: 020 7459 3600
Richard Gray
Andrew Godber