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Last checked at 
7 Oct 2008 07:00
ļ»æ
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For ImmediateĀ Release |
7 OctoberĀ 2008 |
CVS Group plc
("CVS" or the "Company")
AcquisitionĀ ofĀ Rossendale Pet CrematoriumĀ Limited
CVS, one of theĀ UK's leading providers of veterinary services, is pleased to announce the acquisition ofĀ 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,Ā continuing to demonstrateĀ the ability of the Company to finance its acquisition pipeline directly from internally generated cash.
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BasedĀ in Lancashire,Ā within aĀ thirteen acreĀ site, the crematoriumĀ andĀ MemorialĀ GardensĀ wereĀ established in 1967,Ā aiming to provide bereaved pet owners with the best and widest options in coping with the death of their pets.Ā
CVS will assume all management responsibilities for the crematorium following completion of the acquisition including the nine current employees.
In the year endedĀ 31 December 2007,Ā theĀ crematoriumĀ achieved an Operating Profit of Ā£136,000Ā on turnover of Ā£490,000Ā and had gross assets of Ā£503,000.
The acquisition of a crematoriumĀ will be a great enhancement toĀ CVS' existingĀ portfolio of 151Ā veterinaryĀ surgeriesĀ andĀ 4Ā veterinary laboratories.Ā Further broadeningĀ theĀ veterinary servicesĀ offering,Ā the acquisition providesĀ a new divisionĀ which, in line with CVS'Ā statedĀ strategy,Ā will allow the CompanyĀ 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 theĀ acquisition,Ā CVS Chief Executive Simon Innes said:Ā
"The acquisition of RossendaleĀ PetĀ Crematorium is an important addition to the CVS group of businessesĀ as well as a natural progression for our Company. In line with all acquisitions to date, it offers aĀ highĀ quality business with dedicated professionals.
The potential forĀ cost synergiesĀ means thatĀ weĀ will enhanceĀ ourĀ shareholder returnsĀ at the same time as improving ourĀ clientĀ 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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