Mr Pickford’s pharmacy chain has undergone a management buy-out under a deal valued at more than £14 million.
The deal will also see the team behind Mr Pickford’s Pharmacies, which has seven sites in the Leicester area, acquire two other pharmacy businesses – JM McGill Pharmacies and D&R Sharp Pharmacies –which have 14 sites in South Yorkshire. Creating what is said to be one of the 30 biggest independent community pharmacy groups in the UK by number of sites.
Ses Memhi, Associated Partner at Claritas who led the team said: “We have been working with the management team of PillboxCapital for several years. I remember being presented with the vision and ambitious plans for their pharmacies portfolio some years ago, so it is impressive to see their vision become realty. This has been no fluke, as the team have worked extremely hard through both the Coronavirus and Brexit which certainly has not been easy. It is a great testament to the management team and how agile and forward thinking they have been. We wish them lots of success and look forward to working with them again in the near future.”
Manish Patel, Group CFO, commented:
“Over the past decade, PillboxCapital had evolved into an interconnected group of companies operating a number of different businesses. Claritas were able to obtain the necessary clearances and then untangle and streamline the group ownership and structure, and do so in a way that was logical and easy to follow. This enabled us to take on new investment partners for our now separated pharmacy group, and then launch a pharmacy buy, build and automate, rapid growth strategy.
Without Claritas’ support and guidance, especially through the Covid period of uncertainty, our pharmacy growth project would not have launched.”
Read the full press release here
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