Last checked at 1 Dec 2009 07:00
| For Immediate Release | 1 December 2009 |
CVS Group plc
("CVS" or the "Company")
Acquisition
Acquisition of the Rees Veterinary Centre, Warrington
CVS, one of the UK's leading providers of veterinary services, is pleased to announce the acquisition of the Rees Veterinary Centre in Warrington which has been established for 25 years. The acquisition further strengthens the Company's existing presence in this region.
CVS will assume all management responsibilities for the Rees Veterinary Centre following completion of the acquisition including the current employees, which comprise four professional vets amongst a total staff of 20. In line with CVS' strategy, administration will be consolidated within the Company's central facilities, providing significant cost synergies and benefits following the acquisition.
In the year ended 30 June 2009, Rees Veterinary Centre achieved profit before tax of £87,000 on turnover of approximately £643,000. The consideration includes the acquisition of £31,000 of fixed assets at the year end and CVS will also acquire the current stock. The consideration for the acquisition is being met entirely from internally generated cash.
Commenting on the acquisition, CVS Chief Executive Simon Innes said: "The Rees Veterinary Centre is a quality practice that has been established for 25 years now. We are 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:
| 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 |