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General Medical Clinics PLC
Acquisition of Medicentres (UK) Ltd by General Medical Clinics PLC
General Medical Clinics PLC (PLUS: GMCP) is pleased to announce that on 25 July 2011 the Company acquired the business and assets of Medicentres (UK) Ltd from the Administrator of that company.
The business acquired provides private primary medical care in walk-in centres at Paddington Station, Victoria Station, Eldon Street (London EC2) and Bank (London EC4) and an Occupational Health clinic in Lower Marsh, London SE1.
In the year ended 31 December 2010, the unaudited turnover from these sites was £3.8 million resulting in an unaudited loss of £65,000. Following this acquisition GenMed will operate from 10 locations based in the City, West End and Waterloo, with pro forma annual turnover of £9.4 million.
The consideration for the acquisition amounted to £738,000 in cash and was met from the Company’s existing cash resources. Following the acquisition, the Company remains debt free with a reserve of cash in the bank for future potential acquisitions.