Acquisition of Melton Veterinary Practice - 20 January 2009
For immediate release 20 January 2009
CVS Group plc (“CVS” or “the Group”)
Acquisition of Melton
CVS, one of the UK's leading providers of veterinary services, is pleased to announce the acquisition of Melton Veterinary Practice Limited, based in Woodbridge, Suffolk, in close proximity to a number of other CVS owned sites. Melton is a single site small animal surgery, well recognised for its excellence of service and its loyal client following
CVS will assume all management responsibilities for Melton following completion of the acquisition including the current employees, which comprise two professional vets amongst a total staff of 12. 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 30 September 2008, Melton achieved profit before tax of £237,000 on turnover of £657,000. The value of fixed assets being acquired is £58,000. The consideration for this acquisition is being met entirely from internal cash.
Commenting on the acquisition, CVS Chief Executive Simon Innes said:
"Melton is a quality practice, with dedicated professionals. We look forward to working with them, allowing Melton to concentrate on continuing to provide clinical excellence and client service."
CVS Group plc: 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Buchanan Communications: 020 7466 5000
Panmure Gordon: 020 7459 3600