29th Apr 2016 07:19
LONDON (Alliance News) - Pets at Home Group PLC on Friday said it bought majority stakes in two veterinary specialist referral centres.
The pet products and services provider said it bought a 76% stake in small animal specialist referral centre Dick White Referrals in Cambridgeshire, for GBP14.1 million. It will operate the business under a shared venture model with the company's founder Dick White, who will retain the remaining 24% interest.
Pets at Home also bought a 90% stake in opthalmology centre Eye-Vet Referrals in Cheshire, for an undisclosed amount. It will also operate the business as a shared venture, with the founders retaining 10% ownership.
"We are delighted to welcome both Dick White Referrals and Eye-Vet Referrals to the group. These new shared ventures represent another strategic step in building our presence in the specialist referrals market, whilst also enhancing our reputation with the UK's veterinary clinicians," Chief Executive Ian Kellett said in a statement.
"We have grown our specialist referrals division to four centres in just over a year and see further opportunities in the veterinary market that will deliver growth and attractive returns," he added.
Shares in Pets at Home were trading down 1.4% at 242.27 pence early on Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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