Online pharmacy business set to double turnover with investment
An online pharmacy business based in Shipston-on-Stour has secured a £240,000 funding package to boost productivity and support its growth.
Established in 2006, Pharmacy To My Door delivers prescriptions free of charge to more than 8,600 patients in the UK.
After relocating to a larger site in 2017, the business has experienced 60% growth thanks to increased demand for pharmacy delivery services.
Banking partner Lloyds Bank has now supplied a £240,000 funding package to support the next stage of its development.
This included a £120,000 asset finance facility to invest in the automation of the business’ systems, designed to boost the efficiency of its operations and freeing up its 19 members of staff to fully focus on customer service.
An additional £120,000 working capital facility will also support the pharmacy by streamlining its cashflow and giving it the financial headroom it needs to continue investing in its growth.
As a result, the business expects to grow the number of patients it serves and double its £1.5m annual turnover in the next three years.
Amit Patel, managing director of Pharmacy To My Door, said: “We’ve seen unprecedented growth in the past couple of years, driven by huge demand from patients looking to get their prescriptions quickly and efficiently. The automation of our systems will enable us to provide an even better service for our customers and continue to expand our business.
“The healthcare expertise of the Lloyds Bank team, and its in-depth understanding of our business, meant they could provide a funding package that was tailored to suit our exact needs.”
Keith Breavington, associate director at Lloyds Bank Commercial Banking, said: “Pharmacy delivery services continue to be in high demand in the UK, as shown by the growth of Pharmacy To My Door over the past few years. By investing in its development and offering its services to more people, the business is well placed to continue on its significant growth journey.”
