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Totally enters UK's growing urgent care market with Vocare acquisition

Published: 07:49 06 Oct 2017 BST

Healthcare worker with patient
The group provides urgent care services to the NHS throughout the UK

Health care services group Totally Plc (LON:TLY) says it's got a foothold in the growing UK urgent care sector via the 'transformational' acquisition of Vocare Limited for up to £11mln.

Vocare provides healthcare services to CCGs (clinical commissioning groups) covering around 9.2mln patients a year.

READ: Totally Plc's Bob Holt on the group's 'significant scale of opportunity'

It provides urgent care services to the NHS throughout the UK including GP out-of-hours services and the NHS 111 service via its call centres.

Its revenue has grown from around £32.4mln in the year to end March 2015 to around £76.8mln in the year to end March 2017.

"We are delighted to announce this pivotal acquisition for Totally, a key milestone in our buy and build strategy as we continue to act as a consolidator within the fragmented UK healthcare market and build ourselves as a leading out-of-hospital healthcare services provider," said Wendy Lawrence, the chief executive at Totally.

"We believe this acquisition will add critical mass and significantly strengthen and augment our market positioning thanks to the operational and financial benefits it brings.

READ: Totally focused on more acquisitions after cash call as 2016 results boosted by three purchases

"Vocare is one of the leading providers of outsourced urgent care services, which is highly complementary to Totally's business model..."

Totally will pay £6.5mln in cash from its existing cash resources and issue over 7.3mln shares, at 47.9p each, which is equal to £3.5mln.

Up to a further £1mln may be payable subject to the achievement of an earn out based on the EBITDA (underlying earnings) of Vocare for the year to March 31, 2018.

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