Acquisition

RNS Number : 9044L

CVS Group plc

20 January 2009

 



For Immediate Release

20 January 2009

CVS Group plc

('CVS' or the 'Company')

Acquisition of Melton

CVS, one of the UK's leading providers of veterinary services, is pleased to announce the acquisition of Melton Veterinary Practice Limited, based in Woodbridge, Suffolk, in close proximity to a number of other CVS owned sites.  Melton is a single site small animal surgery, well recognised for its excellence of service and its loyal client following.

CVS will assume all management responsibilities for Melton following completion of the acquisition including the current employees, which comprise two professional vets amongst a total staff of 12. In line with CVS' strategy, administration will be consolidated within CVS' central facilities, providing scope for cost synergies and benefits following the acquisition.

In the year ended 30 September 2008, Melton achieved profit before tax of £237,000 on turnover of £657,000. The value of fixed assets being acquired is £58,000. The consideration for this acquisition is being met entirely from internal cash.

Commenting on the acquisition, CVS Chief Executive Simon Innes said 'Melton is a quality practice, with dedicated professionals. We look forward to working with them, allowing Melton to concentrate on continuing to provide clinical excellence and client service.'

Contacts:

CVS Group plc Simon Innes, Chief Executive Paul Coxon, Finance Director	01379 644 288
Buchanan Communications Richard Oldworth Ben Romney	020 7466 5000
Panmure Gordon Richard Gray Andrew Godber	020 7459 3600

 

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