Expansionist CVS, a provider of veterinary services in the UK, has announced the acquisition of Melton Veterinary Practice in Suffolk.
Expansionist CVS, a provider of veterinary services in the UK, has announced the acquisition of Melton Veterinary Practice in Suffolk. The financial details of the transaction have not been disclosed.
Last year Melton made pre-tax profit of £237,000 on a turnover of £657,000. The value of fixed assets being acquired is £58,000. The consideration will be paid from the company’s existing cash pool.
Simon Innes, CVS chief executive, 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.”
CVS, which is focused on growth organically and through acquisition, made a string of acquisitions last year, including the purchase of Axiom Lab, a provider of services for third-party veterinary practices, for £4 million in January. The following month CVS took over Michael Gourley Veterinary Surgeons in Manchester in a transaction that marked its 50th deal.
Last year, the veterinary group increased revenues by 59 per cent to £62 million compared with £38.9 million in the previous year. Operating profit also saw significant growth of 42 per cent from £2.9 million to £4 million.