Diss-based veterinary giant CVS Group boosts practice numbers with rival buyout
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Veterinary group CVS has expanded its network of surgeries through the acquisition of a smaller rival.
The Diss-based firm, which runs vet practices, laboratories and pet crematoria, will now operate 322 surgeries across the country after it bought Highcroft Pet Care, based in Bristol.
The buy-out of Highcroft is expected to cost CVS up to £12m, depending on sales until January 2017.
The company said it believed the purchase was a 'strong fit' with the group's existing operations, and an important step in the group's 'strategy of growing integrated operations in practices, out-of-hours and referrals centres'.
Chief executive Simon Innes said: 'CVS looks forward to working with the Highcroft team to continue to deliver high levels of expertise and service as we deliver the next phase of growth together.'
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For the year ending June 30, 2014, CVS saw turnover increase 19pc to £142.9m, up from £120.1m the year before.
Pre-tax profits for the same period rose 12.3pc to £6.3m, up from £5.5m the year before, and its Healthy Pet Club membership rose 45pc.
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Included in the acquisition of Highcroft are the firm's 220 staff members, a total which includes 50 vets.
CVS, which was founded in 1999 to buy and operate veterinary practices, said it was 'committed to further expansion through acquisitions'.
It said in a statement: 'The group is aware that there remains a large number of independent businesses that recognise the benefits of becoming part of a larger specialist group and the breadth of service that it can offer.'
CVS provides back office support including finance, human resources, marketing, health and safety, IT and purchasing.
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