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Pets at Home Grp (PETS)

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Monday 30 November, 2020

Pets at Home Grp

Acquisition

RNS Number : 8353G
Pets At Home Group Plc
30 November 2020
 

 

FOR IMMEDIATE RELEASE, 30 November 2020

Pets at Home Group Plc: Acquisition of The Vet Connection

  Broadening our digital capability in trusted advice and pet care solutions

Pets at Home Group Plc, the UK's leading pet care business, is pleased to announce the acquisition of The Vet Connection ("TVC"), the UK's largest independent veterinary telehealth provider, for cash consideration of £15m. The consideration is being financed using Pets at Home's existing cash reserves.

 

Founded in 2002, TVC has an established and successful track record of providing on demand, high quality, round-the-clock veterinary telehealth advice, triage and ancillary services to a wide range of customers and their pets. Using their experienced in-house veterinary team, TVC already conducts approximately 90,000 remote consultations each year, underpinned by extensive proprietary clinical protocols, a wide range of communication channels and a robust and scalable infrastructure.

 

In the year to April 2020, TVC achieved adjusted Ebitda of £0.7m.

 

Peter Pritchard, Group Chief Executive Officer, commented:

"The acquisition of TVC marks an important next step in the development of our digital capabilities providing trusted advice and even more convenient pet care services. We have followed their business for a number of years and know Jamie Moodie, Nick Irvine, Rob Mitchell and the TVC team well, and look forward to working with their current partners and supporting the continued development of their service.

 

We recognise TVC's exceptional telehealth capabilities and excellent service levels, as well as the opportunities arising from the scalability of their clinical protocols and proprietary telehealth platform, and look forward to incorporating their capabilities into our existing customer offer - across product, services and subscriptions - to enhance the overall customer experience, and help drive customer acquisition, retention and lifetime value. 

 

TVC is a "win-win" solution for our customers, colleagues and JVPs, providing 24/7 access to trusted advice from the comfort of home with increased flexibility around veterinary work-life balance."

 

-  End of announcement  -

 

Investor Relations Enquiries

Pets at Home Group Plc:

Roger Tejwani, Director of Investor Relations & External Communication
+44 (0)1279 927022 

Chris Ridgway, Head of Investor Relations
+44 (0)7788 783925

Media Enquiries

Pets at Home Group Plc:

Gillian Hammond, Head of Media & Corporate Affairs
+44 (0)7442 500138

Maitland/AMO:

Clinton Manning
+44 (0)7711 972662

Frederica Bendit
+44 (0)7557 833442

About Pets at Home

Pets at Home Group Plc is the UK's leading pet care business; our commitment is to make sure pets and their owners get the very best advice, products and care. Pet products are available online or from our 451 stores, many of which also have vet practices and grooming salons. Pets at Home also operates a UK leading small animal veterinary business, with 440 First Opinion practices located both in our stores and in standalone locations, as well as five Specialist Referral centres. For more information visit: http://investors.petsathome.com/

 

Disclaimer

This trading statement does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Pets at Home Group Plc shares or other securities nor should it form the basis of or be relied on in connection with any contract or commitment whatsoever. It does not constitute a recommendation regarding any securities. Past performance, including the price at which the Company's securities have been bought or sold in the past, is no guide to future performance and persons needing advice should consult an independent financial adviser. Certain statements in this trading statement constitute forward-looking statements. Any statement in this document that is not a statement of historical fact including, without limitation, those regarding the Company's future plans and expectations, operations, financial performance, financial condition and business is a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this statement. As a result you are cautioned not to place reliance on such forward-looking statements. Nothing in this statement should be construed as a profit forecast.

 

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