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General Medical Clinics PLC. Registered office 2-3 Salisbury Court, London EC4Y 8AA. Tel 020 7427 0605

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General Medical Clinics PLC

(“GenMed” or the “Company”)


Acquisition of the business and assets of Medicentres (UK) Ltd


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 Directors of GenMed believe that the joining of the two companies together makes General Medical Clinics PLC the largest independent private primary care medical company offering services to patients in the Greater London area. The Directors believe that the businesses of GenMed and Medicentres are complementary and that the acquisition will be profitable following integration into the GenMed group in the current financial year ending 31 May 2012.

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.


The Company will update shareholders with further information as to the integration of the two businesses with the announcement of the results for the year ended 31 May 2011 towards the end of September 2011.


The Directors of Gen Med are responsible for the content of this announcement.

General Medical Clinics PLC           020 7427 0605

Harry Hyman, Chairman                      020 7451 7050
Jerry Appleyard, Chief Executive         020 7427 0605

St. Helens Capital Partners LLP
Mark Anwyl  Guy Miller   020 7368 6959  


Nexus Corporate Finance LLP
Tony Brown   020 7451 7057  




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