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17 Jul 2009 07:00
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For Immediate Release |
17 July 2009 |
CVS Group plc
("CVS" or the "Company")
Acquisition
Acquisition of theΒ FalklandΒ Veterinary Clinic, Newbury
We are pleased to announce theΒ acquisition ofΒ the Falkland Veterinary ClinicΒ which has been established for over 20 years. TheΒ acquisitionΒ further strengthensΒ the Company's existingΒ presence in this geographic area.Β Β
CVS will assume all management responsibilities forΒ theΒ Falkland Veterinary ClinicΒ following completion of the acquisition including the current employees, which compriseΒ sevenΒ professionalΒ vets amongst a total staff of 25. In line with CVS' strategy, administration will be consolidated within the Company's central facilities, providingΒ significantΒ cost synergies and benefits following the acquisition.
In the year ended 30 April 2009,Β FalklandΒ achieved profit before tax of Β£52,000 on turnover of approximately Β£1 million. This acquisition is a trade and asset purchase and CVS will only be acquiring the stocks and Β£218,000 of fixed assets. The consideration for the acquisition is being met entirely from internally generated cash.
Commenting on the acquisition, CVS Chief ExecutiveΒ Simon InnesΒ said: "TheΒ Falkland Veterinary Clinic is a well established clinic with over two decades of experience in animal care and which recently relocated to state of the art facilities. We are therefore delighted to be making this addition to our portfolio of veterinary clinics and surgeries and look forward to working with them to help continue the high level of animal care and customer service that they have been delivering to date."
Contacts:
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CVS Group plc Simon Innes, Chief Executive Paul Coxon, Finance Director |
01379 644 288 |
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Buchanan Communications Mark Edwards Ben RomneyΒ |
020 7466 5000 |
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Panmure Gordon Richard Gray Andrew Godber |
020 7459 3600 |
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