Last checked at 21 Apr 2009 07:00
| For Immediate Release | 21 April 2009 |
CVS Group plc
("CVS" or the "Company")
Acquisition of Earls Hall Veterinary Group ("Earls Hall")
CVS, one of the UK's leading providers of veterinary services, is pleased to announce the acquisition of Earls Hall, a tier three animal hospital with 3 further branches based in Southend. This acquisition will further strengthen the Company's existing presence in the geographical area and brings the total number of Group surgeries to 168.
CVS will assume all management responsibilities for Earls Hall following completion of the acquisition including the current employees, which comprise nine professional vets amongst a total staff of 43. 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 April 2008 Earls Hall achieved profit before tax of £150,000 on turnover of £1.919 million and its fixed assets were £80,000 at the period end. The consideration for the acquisition is being met entirely from internal cash generation.
Commenting on the acquisition, CVS Chief Executive Simon Innes said "Earls Hall is a large well established practice with a highly regarded team of dedicated professionals and a loyal client following. We look forward to working with them, allowing Earls Hall to concentrate on continuing to provide clinical excellence and client services."
Contacts
| CVS Group plc Simon Innes, Chief Executive Paul Coxon, Finance Director | 01379 644 288 |
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| Buchanan Communications Richard Oldworth Ben Romney
| 020 7466 5000 |
| Panmure Gordon Richard Gray Andrew Godber | 020 7459 3600 |