£12.5m funding package drives expansion for pharmacy business

Merseyside’s RB Healthcare, which operates a group of independent community pharmacies in the North West, has completed a deal to acquire 11 pharmacies following more than £12.5m funding from Santander UK.

The innovative funding package comprises property loans, term debt, working capital and overdrafts.

Aintree-based RB Healthcare has also switched its day-to-day banking to Santander UK.

The 11 new pharmacies are in Manchester and Merseyside, and significantly build on the company’s existing portfolio of three pharmacies, which are in the same area.

The company also has an online pharmacy, Clear Chemist, which it plans to grow with support from Santander UK’s funding.

This year, the community pharmacy has been involved in England’s vaccination effort, vaccinating local residents after winning a number of COVID vaccination contracts with the Government.

Rishi Bhatia, RB Healthcare co-director, said: “Santander UK has an in depth understanding of the healthcare sector, our business’s growth plans, and, crucially, our core values – all of which are essential qualities in a banking partner.

“The funding structure that Santander UK has put in place has allowed us to start achieving our goals from the outset. Community pharmacies have been at the forefront of healthcare during the pandemic.”

Andy Casey, head of medical at Santander UK, said: “We are delighted to support RB Healthcare’s major acquisition of 11 community pharmacies, and to bring it on board for all its day-to-day banking.

“The company is a well known and much valued operator in the community pharmacy sector in the North West, and we look forward to helping it achieve its growth plans in coming months and years.”