Acquisition of St David's Veterinary Hospital - 16th November 2010
For immediate release Tuesday 16 November 2010
CVS Group plc (“CVS” or “the Group”)
Acquisition of St David's Veterinary Hospital
CVS, one of the UK's leading providers of veterinary services, is pleased to announce the acquisition of St David's Veterinary Hospital (SDVH). SDVH is the centre of the small animal part of the St David's Veterinary group, one of the longest established and largest veterinary groups in the UK. It split into different speciality groups many years ago and the Small Animal Hospital is renowned throughout the South West as a leading centre for orthopaedic surgery.
Peter Attenburrow will remain in charge of the business and will concentrate on his orthopaedic skills, with CVS providing full managerial support. This should result in improved capacity and services to the many referring practices that send cases to St David's for treatment.
The acquisition brings the total number of surgeries acquired to date in 2010 to 45 including a laboratory and a referral centre.
In total the group now operates 214 surgeries, 6 diagnostic labs, 1 pet crematorium and an online dispensary across the UK and remains the largest operator in a highly fragmented market.
The acquisition of SDVH is deemed to be a substantial transaction under the AIM Rules.
In the year ended 31 July 2009, SDVH achieved profit before tax of approximately £430,000 on turnover of approximately £1,858,000. The Company is acquiring the trade and assets of both St David's Veterinary Group and St David's Veterinary Clinic Limited and includes fixed assets of approximately £122,000 as at 31 July 2009. The consideration for the acquisition is £1,900,000 which includes £300,000 of deferred consideration but excludes payment in respect of stock and is being met entirely from existing cash resources. The practice employs 7 professional vets and 28 staff in total.
Commenting on the acquisition, CVS Chief Executive Simon Innes said: "SDVH is a long established business and we are delighted to be continuing to add to our portfolio following our acquisitions earlier in the year. We look forward to working with the team at St David's to help continue the high level of animal care and customer service that they have been delivering to date."
For further enquiries please contact:
CVS Group plc: 01379 644 288
Simon Innes - Chief Executive
Paul Coxon - Finance Director
Brewin Dolphin: 0845 213 1000