Acquisition of Joel Veterinar

RNS Number : 3305J

CVS Group plc

02 December 2008

 



For Immediate Release

2 December 2008

CVS Group plc

('CVS' or the 'Company')

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.'

Contacts

CVS Group plc Simon Innes, Chief Executive Paul Coxon, Finance Director	01379 644 288
Buchanan Communications Richard Oldworth Ben Romney	020 7466 5000
Panmure Gordon Richard Gray Andrew Godber	020 7459 3600

 

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