Animal Healthcare Services Limited entered into a non-binding letter of intent to acquire Premier Buying Group from Premier Veterinary Group plc (LSE:PVG) for £6.3 million on March 3, 2017. Animal Healthcare Services will acquire the business, trade and assets of Premier Buying Group in cash. For the year ended September 30, 2016, Premier Buying Group had revenues and operating profit of £1.12 million and £0.766 million respectively. As at September 30, 2016, the gross assets were £0.1 million. All related employees will be transferred to the Animal Healthcare Services. The net cash proceeds after transaction costs and taxation will be used to repay existing debt of £1.25 million and the balance of the net proceeds is expected to be sufficient to meet the Premier Veterinary Group’s expansionary funding needs. The transaction is expected to be earnings dilutive. David Bick and Brian Alexander of Square1 Consulting acted as the public relations advisor on the deal.