Pharmacy operator looks to double in size
AN independent pharmacy operator is looking to nearly double in size after agreeing a major funding deal.
Wigan-based M&B Healthcare, a family-owned and managed company, currently has 11 sites. All but one are in the North West, the other being in York.
Having agreed a multi-million pound investment from HSBC, M&B wants to add another nine pharmacies over the next five years. the firm has 96 staff and annual sales of £12m.
HSBC’s financing comprises a 10-year term loan, as well as additional cash flow that would further enable the group to acquire the additional pharmacies.
The planned acquisition of the new pharmacies will be located across the North West and Yorkshire.
Peter Burrows, Pharmacist and company director, said: “The growth of our business since 2007 has been fantastic; we have been able to build our group into 11 pharmacies in a short space of time. HSBC’s new financial backing allows us to grow our business and venture into new, and very promising, geographical territories.”
Jason Gledhill, area director, corporate banking, Preston, said: “M&B Healthcare has grown rapidly over the past decade, and is now set to more than double the number of pharmacies it runs across the region.
“This will not only boost the group’s business profile and profits, but also help create a number of local jobs in the areas where new pharmacies are acquired. M&B Healthcare has shown great ambition and commitment to growth, and we are proud to support its endeavours as it continues to bring quality healthcare to the region.”
