Premier Veterinary Group is one of the more innovative businesses to have emerged from the deregulation of veterinary practices in 1998.
While subsequent development of the sector has been held back by the difficulties in obtaining finance from banks and traditional sources of funding, PVG has grown to cover a dozen practices, mainly in Bristol, Kent and Birmingham.
Chief executive Dominic Tonner led a management buy-in to acquire the first two practice groups in 2007, funding the acquisition by attracting finance from high net worth individuals.
Work began immediately on making the necessary operational changes to improve revenues, client service and other aspects of the business affecting its profitability. The company now operates across three regions employing more than 150 staff. A significant further investment was made in 2010 and Premier Vet Alliance was launched in 2011. It comprises 216 member practices across the UK taking advantage of a range of products and services, chief among these being a buying group, a pet health scheme and its own brand pet food.
PVG is continuing its strategy of growth by acquiring practices in other locations. The funding for further acquisitions, which will double the size of the core business, has been raised through the shareholder group and other high net worth individuals attracted by a 12 per cent return on loan notes.
Richard Hopkins at Roxburgh Milkins has acted for PVG in relation to the fundraising and acquisitions. Corporate finance advice has been provided by PKF.
Dominic said: “What I like about Richard is that he is a ‘no fuss’ lawyer. He knows our business from back to front and is fast and efficient. It’s a very cost effective service.”