Pharmacy supplier lands healthy £60m deal

An independent pharmacy supplier has landed a multi-million-pound refinancing deal from HSBC .

Redditch-based Lexon which also has distribution centres in Leeds, Durham and Dublin, has received £60m to support its growth strategy and add new tech and facilities to drive business development.

Nimesh Sodha, Director at Lexon, said: “We are delighted to have completed this deal – it will help Lexon grow and continue to support independent pharmacies across the UK, as we have done for many years, in fresh and exciting ways.

“We are looking forward to what the future holds and would like to thank Clearwater for their support, as well as the commitment and hard work of the Lexon family for getting us to this point.”

Lexon, with more than 1200 staff, is a family-owned and managed business, established in 1995 and also operates its own range of pharmacies – Knights Pharmacies – and a generic drug manufacturer – Key Pharmaceuticals.

The company has worked throughout the pandemic with its pharmacy partners as well as hosting multiple vaccination centres across the country. Its most recent turnover was £240m.

Clearwater International advised Lexon on the refinancing.

Partner, Joe Dyke, said: “It was a pleasure to have supported Lexon in securing a flexible funding package.

“The facility will allow management to optimise its day to day funding whilst providing additional headroom for growth.

“Lexon already holds a great position in the market and this facility will allow it to continue to develop this.”