19th Dec 2022 09:33
(Alliance News) - Spire Healthcare Group PLC on Monday said it acquired The Doctors Clinic Group Ltd, amid increased demand for healthcare services in the UK.
The London-based private healthcare provider paid GBP12 million for the acquisition of The Doctors Clinic, which provides occupational health services to over 700 corporate clients and operates 22 private GP clinics.
The investment supports Spire Healthcare's strategy to develop a network of clinics, and the group said the acquisition supports the delivery of a "broader range" of healthcare services that complement the existing services offered by Spire Healthcare's hospitals.
Spire Healthcare said it sees synergy potential between its core hospital services and the insurance products for The Doctors Clinic's corporate clients, and the group expects to add further scale to the occupational health business in the future.
"This is a modest bolt-on investment in a business that, under Spire's ownership, is expected to break even in 2023 and become profitable in 2024," Spire Healthcare said.
The Doctors Clinic's private GP footprint is "particularly strong" in central London, which Spire Healthcare hopes will help the group to gain a primary care presence in this market.
"The Doctors Clinic Group will provide Spire with a strong platform to enter and expand in the fast-growing occupational health sector, and to increase our capacity to meet the burgeoning need for private GP services. This acquisition is closely aligned to our growth strategy," Chief Executive Officer Justin Ash said.
Shares in Spire Healthcare were up 0.3% to 220.71 pence on Monday morning in London.
By Jaskeet Briah, Alliance News reporter
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