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14 Nov 2008 07:00
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For immediate release
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14 November 2008
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CVS Group plc
("CVS" or the "Company")
Acquisition of TheΒ VillageΒ AnimalΒ HospitalΒ
CVS, one of theΒ UK's leading providers of veterinary services, is pleased to announce the acquisition ofΒ aΒ fourΒ surgery Surrey based practice,Β The Village Animal HospitalΒ ("VAH").Β Β VAHΒ centres itsΒ operation on the main facility in Caterham, with branches in Redhill, Oxted and Smallfield.
The Caterham surgeryΒ isΒ a state of theΒ artΒ animalΒ hospital, includingΒ extensive in-house laboratory facilities, operating theatres and diagnostic facilities,Β fromΒ whichΒ VAHΒ provides a multidiscipline service for small animal patients withΒ access toΒ expertΒ clinicians inΒ mostΒ major fields of veterinary medicine.Β
CVS will assume all management responsibilities forΒ VAHΒ following completion of the acquisition including the current employees, which compriseΒ 8 professional vetsΒ amongstΒ a total staff of 44. In line with CVS' strategy, all administration will be consolidated within CVS' centralΒ facilities, providing scope forΒ cost synergies and benefits following the acquisition.
In the year endedΒ 31st July 2007,Β VAHΒ achieved anΒ EBITDAΒ of Β£145,000Β on turnover of Β£1.67m.Β The unaudited turnover for the year ended 31st July 2008Β amounted to Β£1.85m.Β The value of the fixed assets ofΒ VAHΒ to be acquired is Β£147,000.
The acquisition is a further enhancement, both geographically and operationally, to CVS' existing portfolio of 151 veterinary surgeries, 6 veterinary laboratoriesΒ andΒ 1 pet crematorium.Β In line with CVS' stated strategy,Β the acquisition ofΒ VAHΒ offers opportunities, through integration,Β forΒ cost efficiencies andΒ improvedΒ shareholderΒ returns.
Commenting on the acquisition, CVS Chief Executive Simon Innes said:Β
"The acquisition ofΒ VillageΒ AnimalΒ HospitalΒ is an excellent one for CVS. The state of the art facilities provide us with a major offering within the South EastΒ andΒ sits alongside the 17 surgeriesΒ thatΒ CVSΒ alreadyΒ owns in theΒ region.
The acquisition of this animal hospital is in keeping with our aim toΒ provide clinical excellence with an exceptional level of client service.Β VAHΒ provides a significantΒ opportunityΒ to enhanceΒ shareholder returns,Β as withΒ all acquisitions integratedΒ into the CVS Group to date."
Contacts:
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CVS Group plc
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01379 644 288
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Simon Innes, Chief Executive
Paul Coxon, Finance Director
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Buchanan Communications
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020 7466 5000
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Richard Oldworth
Ben Romney
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