Acquisition

RNS Number : 6217I

CVS Group plc

16 March 2010

 



CVS Group plc ("CVS" or the "Company")

16 March 2010

Acquisition of veterinary surgery

CVS, one of the UK's leading providers of veterinary services, is pleased to announce the acquisition of Goudhurst Veterinary Surgery and Equine clinic ("Goudhurst"), a single site veterinary surgery based in Kent.

The acquisition demonstrates the Company's strong pipeline of potential acquisition opportunities following the acquisition of Veterinary Enterprises and Trading Limited ("Veterinary Enterprises") earlier this month and increases the number of surgeries operated by CVS to 198.

CVS will assume all management responsibilities for Goudhurst 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 31 March 2009, Goudhurst achieved profit before tax of GBP109,000 on turnover of approximately GBP503,000. The acquisition includes GBP43,000 of fixed assets at the March 2009 year end and CVS will also acquire the current stock. The consideration for the acquisition is being met entirely from internally generated cash. The practice has three professional vets and nine staff in total.

Commenting on the acquisition, CVS Chief Executive Simon Innes said: "Goudhurst is a quality well established practice and we are delighted to be continuing to add to our portfolio immediately following the completion of the acquisition of Veterinary Enterprises earlier this month. We look forward to working with the Goudhurst team to help them continue 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
Brewin Dolphin Investment Banking Richard Jones/Matt Davis Paul Mason	0845 059 6740
Buchanan Communications Richard Oldworth Suzanne Brocks	020 7466 5000

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