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Consolidated accounts for the UK-based holding company for the business show that it generated earnings before interest, tax, depreciation and amortisation of almost €2.2m during 2024. This year, the chain has continued to open new outlets. It also acquired Animal Welfare Clinic, which operates in Dublin. There are 25 outlets in the Village Vets chain, which is headed by chief executive Charles Cosgrave. A new premises is set to open shortly in Portmarnock, Co Dublin. Village Vets’ revenue in 2023 was €21m, when it made an operating loss of €1.8m, according to accounts for Ireland-based Blackhall Properties. Artemis Topco in the UK now acts as the parent company for the Village Vets business. The directors of that firm, including Mr Cosgrave, note in the latest set of accounts that the business performed strongly during 2024. The directors said that the company intends to continue its expansion drive via the acquisition of high-quality veterinary practices. “The group has identified and is pursuing further bolt-on acquisitional opportunities that complement the existing portfolio,” they added. “The group plans to extend its well-respected primary care services and invest in out-of-hours services, CT scanning technology and building our first tertiary hospital next year.” After incurring administrative expenses of €12.1m and exceptional administrative expenses of €6.5m, Artemis Topco reported an operating loss of €9.8m for 2024. A €7.8m interest bill brought the total loss for the year to €17.5m. The exceptional administrative expenses related to the cost of acquisitions. The company had a total of €70.6m in creditors as of the end of 2024. That included €43.3m in loan notes, €12m in bank loans and €14.3m of preference shares that are recognised as debt. The preference shares are unsecured, unconvertible and have no voting rights. They carry an interest rate or coupon of 14pc per annum. They are issued in favour of Irish firm Cetior, which is owned by Mr Cosgrave. The loan notes are unsecured and will be redeemed at the earlier of January 5, 2030, the time of a sale or listing, or the date of disposal. They carry an annual interest rate of 14pc.
