Seven figure funding deal is the right medicine for pharmacy’s expansion

A MIDLANDS pharmacy chain located predominantly in Birmingham is branching out into the wider region after securing a major new funding deal.

The family-owned pharmacy group, Dispharma, already has six sites located predominantly in the Birmingham area.

It is now moving into the East Midlands with the opening of a new branch in Nottingham.

The move follows a seven-figure funding package from Yorkshire Bank.

The funding, arranged by Healthcare Business Development Manager, Richard Hornsey, is part of the refinancing of the company by the bank. It will support the opening of the new branch, which will operate under the brand ‘My Local Chemist’.  

Established in 1976 by Mohammed Fazal, Dispharma has been trading for almost 40 years.  There are currently four members of the family working in the company, with the group now run by Mohammed’s brother Nassir, who has more than 30 years’ of retail pharmacy experience.

My Local Chemist will be based in the new Embankment Primary Care centre in West Bridgford. The centre opened its doors in October and incorporates five GP surgeries in addition to the pharmacy.  

The new pharmacy will provide healthcare services for up to 27,000 customers.  It has already created five jobs with more likely to follow.

Shaheed Fazal, Director of Dispharma, said: “I am very happy to be opening up the pharmacy in this exciting new centre. I believe this is the future of healthcare, bringing together a range of services, making life far more convenient for patients. With all of us working together on the same premises, it will be easier to solve health problems and provide a higher quality of service.

“Working with Yorkshire Bank has been an incredibly positive experience.  The team allows us to be very flexible and has a deep understanding of our business needs and growth ambitions.”

Richard Wallace, Head of the bank’s Business and Private Banking Centre in Birmingham, said: “This acquisition is a strong move for the pharmacy group into modern premises in a new market and we are delighted to have been able to support it.

“As confidence grows in the Midlands region, Yorkshire Bank remains committed to supporting the growth ambitions of local businesses.”