GREENCROSS ACQUIRES CLINICS AND OPENS NEW STORES

Written on the 7 May 2014 by Laura Daquino

GREENCROSS ACQUIRES CLINICS AND OPENS NEW STORES GREENCROSS Limited (ASX: GXL) has today announced its acquisition of four veterinary clinics and the opening of three retail stores, including Caboolture Veterinary Clinic and a Chermside Petbarn store.

The Brisbane-based company, which merged with Sydney-based pet retailer Petbarn earlier this year, has spent a total of $3.7 million on acquiring the practices which will be rebranded and restructured as Greencross Vets.

The practices will fall under the Greencross partnership model, which GXL executive chairman Glen Richards (pictured) has previously said offers “an employment choice for young vets and succession plan for old vets”.

GXL CEO Jeffrey David says the announcement is representative of the company being on the fast-track, as it further cements its position as Australia’s largest pet services business.

“We continue to successfully execute our strategy to expand our clinic and store network. In financial year 2014 to date, we have grown our veterinary clinics from 93 to 107.

“In aggregate, including the acquisitions announced today, our acquisitions for this financial year have delivered $15.6 million of annualised revenue and $2.8 million of annualised EBIT.”

Vendors of Caboolture Veterinary Clinic, Caulfield South Veterinary Clinic (VIC), Riverside Veterinary Clinic (SA) and Urban Jungle Veterinary Clinic Miranda (NSW) will reportedly enter into employment agreements for between one and two years.

Meanwhile, the Chermside Petbarn, Double Bay Petbarn (NSW) and a new Animates store in Nelson (NZ) will take the total GSX pet retail store count to 133. David says the company expects this figure to grow to 145 by the end of December.

 


Author: Laura Daquino Connect via: Twitter LinkedIn

Latest News

CROMWELL TRADES STEADILY IN FIRST HALF

CROMWELL Property Group has maintained a steady operating profit at $0.045 per security in the first half of FY17,...

WHY NEXTDC'S STOCK IS SOARING

AFTER posting its interim result, NEXTDC (ASX: NXT) gained more than 12 per cent on the stock market before noon.
...

PWR PROFIT CRASHES AS DOLLAR RISES AND COSTS MOUNT

A RISING Aussie dollar has offset PWR Holdings Limited's (ASX:PWH) overseas growth in the last half, forcing a...

SUPER RETAIL GROUP RESULTS SHINE ACROSS THE BOARD

A WELL-planned and executed half has paid off for Super Retail Group (ASX:SUL) as it posts a net profit result up ...

Related News

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter