Bestway said to top bidding for Co-op’s pharmacies
BESTWAY Holdings the convenience retailer and cash and carry group controlled by Sir Anwar Pervez, has submitted the highest bid for Co-Op’s pharmacy business, according to reports.
The London-based group, one of the country’s largest family businesses, could be set to enter exclusive talks with the Co-op Group for pharmacies this week after bidding about £600m, sources close to the sale process told Bloomberg.
The Manchester-based mutual is selling the profitable pharmacies chain as part of a turnaround plan after last year’s disastrous £2.5bn loss, and wants to use the proceeds to bring down group debt.
The pharmacy chain has more than 774 high street branches. Interest in the business has been high and has included the owner of the Lloyds Pharmacy chain, private-equity firm Carlyle Group and Alliance Boots Holdings.
Potential new owner Sir Anwar Pervez began his career in the food business in 1963 when he opened a mini-supermarket in London.
He moved into the wholesale business in 1976 and has been responsible for growing Bestway Group into the seventh-largest family-owned business in the UK.
Today, Bestway is the second-largest wholesaler in the UK, the second-largest cement producer in Pakistan and the second-largest private bank in Pakistan. The group provides employment for more than 25,700 people around the world.
A Co-operative Group spokesman said: “We’re making really good progress with the bidding process (for the pharmacies). We are confident that we will do a deal by the end of the year.”
