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
Established 2020, a nurse-led specialist care and support service located in South Yorkshire. The establishment is CQC rated GOOD, and comes with efficient staff and a comprehensive website.
Established 2019, this well-established, domiciliary care provider located in Chesterfield is offered for sale.
A fantastic opportunity to acquire a medical aesthetics clinic located in the south/midlands, UK. The business offers a variety of cosmetic and medical treatments for the face and body, including anti-wrinkle injections, dermal fillers, skin peels, l...
Plymouth-based engineering firm Applied Automation (UK) has ...
Leading UK independent builders’ merchant MKM has acqu...
A UK start-up company that helps individuals manage their su...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.