Acquisition

RNS Number : 8645Q

CVS Group plc

21 April 2009

 



For Immediate Release

21 April 2009

CVS Group plc

('CVS' or the 'Company')

Acquisition of Earls Hall Veterinary Group ('Earls Hall')

CVS, one of the UK's leading providers of veterinary services, is pleased to announce the acquisition of Earls Hall, a tier three animal hospital with 3 further branches based in Southend. This acquisition will further strengthen the Company's existing presence in the geographical area and brings the total number of Group surgeries to 168.  

CVS will assume all management responsibilities for Earls Hall following completion of the acquisition including the current employees, which comprise nine professional vets amongst a total staff of 43. In line with CVS' strategy, administration will be consolidated within the Company's central facilities, providing scope for cost synergies and benefits following the acquisition.

In the year ended 30 April 2008 Earls Hall achieved profit before tax of £150,000 on turnover of £1.919 million and its fixed assets were £80,000 at the period end. The consideration for the acquisition is being met entirely from internal cash generation.

Commenting on the acquisition, CVS Chief Executive Simon Innes said 'Earls Hall is a large well established practice with a highly regarded team of dedicated professionals and a loyal client following. We look forward to working with them, allowing Earls Hall to concentrate on continuing to provide clinical excellence and client services.'

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

 

END

 

 

ACQILFLRSFIIFIA