Apiam Animal Health (ASX: AHX) today announced it has signed a Memorandum of Understanding to work towards a joint venture alliance with PETstock Pty Ltd (PETstock) to open a number of new veterinary clinics to be co-located at various PETstock retail outlets, in regional and rural Australia.
Under the proposed joint-venture alliance, Apiam and PETstock intend to open the first co-located clinic as a 24-hour Veterinary Emergency & Referral Centre, equipped with best-in-class technology, at PETstock’s recently opened retail superstore in Bendigo (Epsom).
This would be followed by the opening of a number of veterinary clinics within existing PETstock stores in, or on the fringe of, existing Apiam operating regions, anticipated to commence in Q4 FY2018. The co-located clinics would be owned jointly by Apiam (as majority shareholder) and PETstock and operated by Apiam under a management agreement.
PETstock is a privately-owned, family-operated specialist retailer of animal products, services and accessories (mostly companion animals and equine). PETstock have experienced rapid growth since their transition to become a specialist pet retailer in 2002. The Company now has more than 135 retail stores across Australia and 12 stores in New Zealand. PETstock was one of the first pet care companies in Australia to successfully integrate veterinary clinics into their retail stores, commencing in 2007 under the PETstock Vet brand. There are approximately 20 PETstock Vet clinics currently in operation, mostly in capital city or city fringe locations.
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