Last checked at 23 Mar 2010 07:00
CVS Group plc ("CVS" or the "Company")
23 March 2010
Acquisition of veterinary group
CVS, one of the UK's leading providers of veterinary services, is pleased to announce the acquisition of Cedar Veterinary Services Limited ("Cedar"), a provider of small animal veterinary services in Hampshire and Dorset, comprising one hospital and two surgeries.
The acquisition demonstrates the Company's strong pipeline of potential acquisition opportunities following the acquisitions of Veterinary Enterprises and Trading Limited and Goudhurst Veterinary Surgery and Equine clinic earlier this month and increases the number of surgeries operated by CVS to 201.
CVS will assume all management responsibilities for Cedar following completion of the acquisition. In line with the Company's strategy, administration will be consolidated within the Company's central facilities, providing cost synergies and benefits following the acquisition.
In the year ended 30 September 2009, Cedar made a loss before tax of approximately GBP 7,000 on turnover of approximately GBP 1,516,000. The acquisition includes approximately GBP 11,000 of tangible fixed assets at Cedar's 30 September 2009 year end and CVS will acquire the current stock. The practice has 6 professional vets and 34 staff in total.
The acquisition of Cedar, due to its size relative to the CVS group, is not deemed to be a substantial transaction under the AIM Rules.
Commenting on the acquisition, CVS Chief Executive Simon Innes said: "Cedar is a long established, quality group which has recently gone through considerable re-structuring and we are delighted to be continuing to add to our portfolio following the two acquisitions earlier this month. We look forward to working with the Cedar team to improve profitability and enable them to continue to provide the high level of animal care and customer service that they have been delivering to date."
For further enquiries please contact:
| CVS Group plc Simon Innes, Chief Executive Paul Coxon, Finance Director | 01379 644 288 |
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| Brewin Dolphin Investment Banking Richard Jones/Matt Davis Paul Mason | 0845 059 6740 |
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| Buchanan Communications Richard Oldworth Suzanne Brocks | 020 7466 5000 |
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