Spire Healthcare Group Plc (LSE:SPI) said it has completed the acquisition of The Doctors Clinic Group, a provider of occupational health and private GP services, for £12mln.
The Doctors Clinic provides its services to more than 700 corporate clients, with 22 active GP clinics, the independent hospital group said. It provides a range of services, including absence management, new starter and back-to-work assessments.
Spire said the acquisition furthers its strategy to expand its services to address the increasing demand for healthcare.
“This is a modest bolt-on investment in a business that, under Spire’s ownership, is expected to break even in 2023 and become profitable in 2024,” a statement said.
Spire said it sees “synergy potential” between its core hospital services and insurance products for The Doctors Clinic’s corporate clients. The Doctors Clinic is expected to turnover £11mln this year, with a total of 279 staff predominantly in London.
Under Spire’s ownership, it said, patients can expect to benefit from a more convenient referral pathway to Spire’s clinic and hospitals for further diagnosis and treatment.
"The Doctors Clinic Group will provide Spire with a strong platform to enter and expand in the fast-growing occupational health sector, and to increase our capacity to meet the burgeoning need for private GP services. This acquisition is closely aligned to our growth strategy and I look forward to welcoming all colleagues at The Doctors Clinic Group to Spire Healthcare," said Spire chief executive Justin Ash in a statement