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7 Oct 2008 07:00
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For ImmediateΒ Release |
7 OctoberΒ 2008 |
CVS Group plc
("CVS" or the "Company")
AcquisitionΒ ofΒ Rossendale Pet CrematoriumΒ Limited
CVS, one of theΒ UK's leading providers of veterinary services, is pleased to announce the acquisition ofΒ Rossendale Pet Crematorium Limited ('the crematorium').
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The acquisition, which includes the freehold property from which the crematorium operates, has been financed wholly from the Company's cash flow,Β continuing to demonstrateΒ the ability of the Company to finance its acquisition pipeline directly from internally generated cash.
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BasedΒ in Lancashire,Β within aΒ thirteen acreΒ site, the crematoriumΒ andΒ MemorialΒ GardensΒ wereΒ established in 1967,Β aiming to provide bereaved pet owners with the best and widest options in coping with the death of their pets.Β
CVS will assume all management responsibilities for the crematorium following completion of the acquisition including the nine current employees.
In the year endedΒ 31 December 2007,Β theΒ crematoriumΒ achieved an Operating Profit of Β£136,000Β on turnover of Β£490,000Β and had gross assets of Β£503,000.
The acquisition of a crematoriumΒ will be a great enhancement toΒ CVS' existingΒ portfolio of 151Β veterinaryΒ surgeriesΒ andΒ 4Β veterinary laboratories.Β Further broadeningΒ theΒ veterinary servicesΒ offering,Β the acquisition providesΒ a new divisionΒ which, in line with CVS'Β statedΒ strategy,Β will allow the CompanyΒ to continue to generate stronger returns through vertical integration of key suppliers to the veterinary market.
CVS owned practices send minimal levels of work to the crematorium, therefore providing the opportunity for CVS surgeries to cascade work there post completion, where logistically suitable.
Commenting on theΒ acquisition,Β CVS Chief Executive Simon Innes said:Β
"The acquisition of RossendaleΒ PetΒ Crematorium is an important addition to the CVS group of businessesΒ as well as a natural progression for our Company. In line with all acquisitions to date, it offers aΒ highΒ quality business with dedicated professionals.
The potential forΒ cost synergiesΒ means thatΒ weΒ will enhanceΒ ourΒ shareholder returnsΒ at the same time as improving ourΒ clientΒ offering."
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 Richard Oldworth Suzanne Brocks |
020 7466 5000 |
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