CVS Group plc (AIM:CVSG) – acquisition of Your Vets, the bankers certainly like them!
The UK’s leading provider of integrated veterinary services, has announced the agreement to acquire YourVets, a provider of small animal veterinary services in the West Midlands and Essex comprising seven surgeries. This is being facilitated through new debt facilities also announced today. The recent results were excellent and the bankers certainly seem to like them
YourVets was founded in July 1997 in Coventry operates seven large veterinary clinics in the Midlands and Essex. In the year to 31st March 2014, the last for which published accounts are available, YourVets generated turnover of approximately £9.2m, EBITDA of c. £0.2m and a loss before tax of £0.8m. As at 31st March 2014 net assets of YourVets were £2.4m. Sales and EBITDA of the acquired business for the year to 31st March 2015 are expected to be in the region of £10.0m and £0.8m respectively, with significant growth at the immature Solihull and Dagenham sites. The acquisition increases…