A North East veterinary business has been snapped up by a national group as part of its plans to expand in the region.
Medivet Group has purchased the Dragon Veterinary Centre in Concord, Washington, from owners Andrew and Julie Henfrey for an undisclosed sum and is now looking at completing a number of further acquisitions around the region.
Mr and Mrs Henfrey are staying with the practice, along with the rest of its team.
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Originally founded in London, Medivet Group is a veterinary-owned and led group of more than 350 branches which operates on a partnership basis. It also has 24 state-of-the art, 24-hour veterinary centres across the UK.
It has been gradually building its presence in the north of England and already owns practices in locations including York, Harrogate, Knaresborough, Ripon and Thirsk.
Ben Hanning, director of acquisitions at Medivet Group, said: “The North East is a priority area for us as we continue to build towards becoming a truly national operator and we’re very pleased to have made such a well-regarded practice our first acquisition in the region.
“We operate on a successful ‘hub and spoke’ model which allows smaller practices to access the very best specialists, diagnostics and treatments through a nationwide network of 24-hour hospitals and centres, all while the consultation and client support is managed through the local team.
“The people are central to the acquisitions we choose to make and from the first time we met them it was clear Andrew and Julie shared the same priorities as us.
“As well as being expert practitioners they’re also passionate about customer care, training and skills improvement and have a very well-deserved reputation for the quality of service they deliver.
“We have a number of other acquisition opportunities already in the pipeline and are confident this is the first step in establishing the Medivet group right across the North East.”
Mr and Mrs Henfrey have been working in the Washington area for more than 25 years and set up Dragon Vets in 2005.
Most of its clients are pets but it also has a national reputation for its dermatology services and receives referrals from other practices right across the region.
Mr Henfrey said: “The fact Medivet is owned and operated by veterinarians was very attractive to us in terms of ensuring our clients would continue to receive the very best standards of care, while its equity partnership model offers a clear route to succession planning for our team when the time comes for us to retire.
“We’re very pleased to be part of the Medivet team and excited by the benefits it will bring for our team and our clients.”
Mark Adams and Ben Jackson of the corporate team at law firm Hay and Kilner in Newcastle provided legal advice to the Henfreys on the transaction.
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