Spire Healthcare snaps up The Doctors Clinic

19th Dec 2022 07:02

(Sharecast News) - Spire Healthcare Group is to move into occupational health after agreeing to acquire the The Doctors Clinic Group.

The London-listed firm said on Monday that it had agreed to acquire the business, which provides occupational health services for corporate clients as well as operating 22 private GP clinics, for a total consideration of £12m.

Spire, which has 39 private hospitals, said the deal was part of a wider strategy to expand the healthcare services it offers.

The Doctors Clinic has around 700 corporate clients, employs 279 people and is forecast to have revenues of £11m in the current year. It is expected to become profitable in 2024.

Justin Ash, chief executive of Spire, said: "The Doctors Clinic 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."

Spire announced a jump in half-year revenues in September, as demand for private healthcare continued to grow. But profits fell after they were hit by Covid-related costs.