Pets at Home buys majority stakes in veterinary centres

29th Apr 2016 09:19

(ShareCast News) - Pets at Home has acquired majority stakes in two veterinary referral centres.The pet retailer said on Friday that it has acquired a 76% stake in Cambridge-based Dick White Referrals for a consideration of £14.1m. It will operate the practice as a shared venture model through which the founder, Professor Dick White, and the key clinicians, will retain 24% equity ownership.It has also purchased a 90% interest in Cheshire-based Eye-Vet Referrals for an undisclosed amount. EVR will also operate as a shared venture, with the founders retaining 10% equity ownership.Chief executive officer Ian Kellett said: "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."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."At 0925 BST, shares in the company were down 1.3% to 242.50p.