logo
Plus   Neg
Share
Email

CVS Group Buys Albavet, Pet Crematorium; Enters Into New Bank Facility Deal

CVS Group plc. (CVSG.L), UK-based provider of veterinary services, announced Friday that it acquired the entire share capital of Albavet and its unit VETisco Limited, as well as The Pet Crematorium.

The total consideration payable to the shareholders of Albavet is 11.3 million pounds including costs. CVS will also acquire net debt of approximately 0.1 million pounds with Albavet.

Albavet Group employs some 34 professional vets and over 150 staff in total across three separate businesses. In the year 2014, Albavet had turnover of approximately 6.6 million pounds, of which 5.5 million pounds was generated by the surgeries, and profit before tax was 0.6 million pounds. The VETisco instrumentation business currently makes a small loss.

CVS has also acquired the entire share capital of The Pet Crematorium which consists of two crematoria: the first is located at Witton Gilbert, near Durham and the second is at Larkhall, near Hamilton. It employs about 22 staff. The terms of this transaction are below the threshold requiring further disclosure.

Further, CVS announced that it has entered into a new bank facility agreement which provides total facilities of 115 million pounds to support its organic and acquisitive growth initiatives over the coming years.

In addition, the Group has a 5.0 million pounds overdraft facility renewable annually.

In London, CVS shares were trading at 104 pence, up 1.46 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Santa Cruz Bicycles LLC has recalled certain model year 2020 bicycles with aluminum frames citing fall risks, according to the U.S. Consumer Product Safety Commission. The recall involves about 2,900 units of model year 2020 Auminum Santa Cruz and Juliana Bicycles. In addition, about 216 were sold in Canada. AstraZeneca is mulling an additional global trial to confirm the 90% efficacy rate of its Covid-19 vaccine candidate at lower dosage, Bloomberg news quoted Chief Executive Officer Pascal Soriot as saying. In an interview, Soriot noted that instead of adding the trial to an ongoing U.S. process, the company might launch a fresh study to evaluate efficacy of lower dosage of its vaccine that perform U.S. airline Delta Air Lines, Inc. and its Italian codeshare partner Alitalia are planning to launch quarantine-free, COVID-free flights between U.S. and Europe through new testing protocols, starting in December. In a statement, Delta said it has signed deals with airports and governments eliminating quarantine requirements on COVID-tested flights connecting Atlanta and Rome.
Follow RTT