Diss-based veterinary giant CVS Group unveils record year of acquisitions
- Credit: Eastern Daily Press © 2016
Veterinary giant CVS Group has added 67 surgeries to its growing portfolio of practices, in what has been the most acquisitive year in its history.
The Diss-based group has revealed like-for-like growth was 4.8% for the year ending June 30, 2016 up from 3% in the first half of its financial year.
The EDP Top100 firm now owns 360 veterinary surgeries across the UK, an online dispensary, four diagnostic laboratories and seven pet crematoria.
It comes after the group revealed half-year revenues for the period ending December 31, 2015 reached £100m for the first time in its 17-year history.
And capitalising on vets' dwindling desire to own their own surgeries, the group is eyeing European expansion.
Speaking previously, chief executive Simon Innes said the business could double in size within the next five years, with Holland and Ireland particular targets.
CVS Group's growth signals a change in the way veterinary practices are operating, with fewer younger vets willing to commit to owning practice.
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The trading update revealed a total of £63.7m, including debt acquired, was paid for the new surgeries during the year.
The firm said acquisitions of particular note during the second half including Valley Equine Hospital and Cromlyn House Veterinary Group, which is the first acquisition in Northern Ireland.