CVS Group Regulatory News (CVSG)

3 Mar 2009 07:00



CVS Group plc

("CVS" or the "Company")

Acquisition of Beechwood

CVS, one of the UK's leading providers of veterinary services, is pleased to announce the acquisition of Beechwood Veterinary Hospital, a single site small animal surgery based in Doncaster. Beechwood enjoys a good reputation locally as it provides second opinion referral work in orthopaedics and spinal surgery to neighbouring practices. This acquisition will complement the Company's existing practices in the Yorkshire area.

CVS will assume all management responsibilities for Beechwood following completion of the acquisition including the current employees, which comprise four professional vets amongst a total staff of 26. In line with CVS' strategy, administration will be consolidated within the Company's central facilities, providing scope for cost synergies and benefits following the acquisition.

In the year ended 30 November 2008, Beechwood achieved profit before tax of £149,000 on turnover of £1.042 million and its fixed assets were £410,000 at the period end. The consideration for the acquisition is being met entirely from internal cash.

Commenting on the acquisition, CVS Chief Executive Simon Innes said "Beechwood is a well respected practice, with highly qualified and dedicated professionals and a loyal client following. We look forward to working with the team, allowing Beechwood to concentrate on continuing to provide clinical excellence and client service."

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