A key element of our work as a Corporate Finance advisor is to listen. Listening to the client, the purchasers, the funder – only then can you advise on the most appropriate way forward and navigate the minefield of issues that hit you on any transaction.
We listen carefully to the goals of our client and then create solutions. The Davies Veterinary Specialists transaction is a proven example – developing a structure that retained the company’s independence whilst achieving a fantastic outcome for existing shareholders and investing shareholders alike.
Here is the client’s perspective. Dr Clive Elwood, Managing Director, said:
“Maintaining our independence is important to us as a business because it ensures we retain the culture and ethos that provides leading multi-specialist care to all of our patients and exceptional service to our customers and referring colleagues. I am delighted that Bishopsgate have managed to achieve this transaction, which represents the next stage in the development of our amazing practice. Retaining ownership means we can demonstrate that there remains alternative business models and career paths outside corporate ownership. It is a pleasure to welcome such a fantastic group of new shareholders who will, I am certain, contribute greatly to our future success”.
The phenomenon of large group veterinary businesses is on the rise. Big corporations such as Pets at Home Vet Group have recently bought stakes in several of the UK’s biggest referral practices and CVS Group, for example, now owns more than 360 of the UK’s veterinary surgeries, including referral practices.
Davies Veterinary Specialist has, meanwhile, pledged its independence with a restructuring of the shareholding of existing owners and the introduction of new shareholders. DVS recognises that increasing shareholding opportunities will build an even more effective business. This will in turn uphold DVS’s core values of integrity, professionalism, compassion and respect, helping to meet the needs of the patient, the owner and the referring veterinary surgeon in the most efficient and flexible way possible.
DVS will continue to evolve the management and governance structure of the practice as it grows. In the future DVS shareholders will set overall strategy and direction for the business and ensure effective governance by the Board of Directors. As well as clinical skills, the development of management and leadership skills will be encouraged across the practice. Bishopsgate developed a transaction that reflected all of this and it’s our creativity and our ability to simplify complex transactions that makes us one of the UK’s leading corporate independent finance houses.