BKL completes sale of vet group
Chartered accountants and advisers BKL have completed the sale of Cherrydown Vets to premier veterinary services business Linnaeus Group. This is the fourth significant sale completed by BKL’s corporate finance team in recent months and follows the sale of Cambridge software company cr360 to UL LLC earlier this year.
Cherrydown Vets, owned by Jonathan and Rachel Nurse, is one of the largest independent veterinary practices in Essex. Based in Basildon, it operates from three branches and has over 60 years’ experience caring for animals. It provides referral work in surgery alongside first-class first opinion work. Jonathan will initially remain with the business to ensure a smooth transition.
The Linnaeus Group, backed by leading private equity firm Sovereign Capital, has widened its geographical coverage by acquiring Cherrydown and the combined group now totals more than 610 staff, including 120 vets, across 24 sites. Working together, the two groups will be able to build on their shared commitment to excellent service in the fast-changing pet care market.
Tom Gallop, corporate finance partner at BKL, commented: “We are delighted to have worked with Jonathan over the last few months. We worked closely with him to prepare the business for sale, identify potential buyers and market the opportunity. This was a highly competitive process and we were able to negotiate an outstanding deal for the shareholders and one that ensures an exciting future for the business and all of the staff.”
Jonathan Nurse also expressed his delight at completing the deal, commenting: “I am extremely grateful to Tom and the team at BKL for all their help in negotiating this deal and advising me throughout the transaction. BKL have been outstanding in their support and the advice provided. The final result exceeded my initial expectations and I would certainly recommend Tom to anyone else who is considering selling their business.”