Tue, 28 Nov 2023 | BUSINESS SALE
Jhoots Pharmacy, a community health business based in Walsall, has acquired 36 sites previously owned and managed by Lloyds Pharmacy. The deal, which is expected to protect more than 200 jobs and is forecast to create up to 130 new roles, was facilitated with support from HSBC UK.
The community pharmacies span locations from the Peak District to Hampshire, mostly in small neighbourhoods and villages, and add to the 63 sites that Jhoots Pharmacy already owns and operates across the UK. The firm will use a £17.4 million funding package from HSBC UK to undertake refits and enhance offerings at the pharmacies.
The firm will seek to improve and enhance the services provided by the pharmacies, including referrals from doctors, travel clinics and sexual health services, in order to help alleviate GP waiting times.
Jhoots Pharmacy’s Business Development Director Sarbjit Jhooty commented: "We were looking for the right banking partner to support our business and our vision to grow into a larger pharmacy chain. With HSBC UK's backing, we’re committed to providing a service that puts the community first, with a strong face-to-face approach that will offer enhanced support to local areas."
HSBC UK Relationship Director Partho Bose added: "It’s extremely important to increase the access to care in the UK. With our extensive understanding and experience within the health sector, we’re providing Jhoots Pharmacy with financial foundations to realise the business’s ambitious growth plans as well as protecting and creating jobs."
The deal comes at a time when M&A activity is widely expected to increase in the UK's pharmacy sector. While agreed deals were up 45 per cent during the first half of 2023, compared to a year earlier, completed deals remained on par with H1 2022, something that was largely attributed to complex regulatory processes extending deal timelines.
However, the increase in agreed deals demonstrates the growing appetite for acquisitions within the market and deal activity is expected to pick up as more funding enters the sector.
Find out more about M&A activity in the UK's pharmacy sector:
Agreed business sales in pharmacy sector up 45 per cent in H1 2023
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