(Alliance News) - UK pet care business Pets at Home Group PLC on Monday said it has acquired The Vet Connection, a Surrey-based veterinary telehealth provider, for GBP15 million using its existing cash reserves.
Founded in 2002, The Vet Connection achieved adjusted earnings before interest, tax, depreciation and amortisation of GBP700,000 in its last financial year ended April. It conducts approximately 90,000 remote consultations each year.
Chief Executive Peter Pritchard said: "The acquisition of The Vet Co marks an important next step in the development of our digital capabilities providing trusted advice and even more convenient pet care services.
"The Vet Company is a win-win solution for our customers, colleagues and JVPs, providing 24/7 access to trusted advice from the comfort of home with increased flexibility around veterinary work-life balance," he added.
Shares in Pets at Home Group were up 1.5% at 430.00 pence in London on Monday.
By Zoe Wickens; zoewickens@alliancenews.com
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Pets at home (PETS)