The country’s second-largest provider of private healthcare has acquired Acorn Occupational Health for £3.3 million.
Spire Healthcare, the second-largest provider of private healthcare in Britain, is moving further into the occupational health space with the acquisition of Cheshire-based Acorn Occupational Health for £3.3 million.
Founded in 2005, Acorn provides occupational health services to a number of corporate clients in multiple industry sectors; as well as public-sector clients, including the NHS. Its services aim to support the safety and overall well-being of employees, through mental and physical health assessments, and providing solutions designed to protect employees from work-related ill health and sickness absence.
In a statement to the stock exchange, Spire said that Acorn had generated earnings before tax of £0.63 million last year which is at a margin above that of the Spire Group.
It also said that a small further deferred performance consideration payment may be payable to Acorn management in the 12-month period after the acquisition.
The core management team will be staying with the business post-acquisition.
News of the group’s acquisition is a distraction from its recent poor stock market performance. In early March its shares dropped almost a quarter after it warned that higher costs could cut earnings by as much as 10% and Spire shares are down just over 18% since the start of the year.
