Well Pharmacy acquires Redditch pharmaceutical wholesaler
A family-owned pharmaceutical wholesaler based in Redditch has been bought by Well Pharmacy.
Well Pharmacy has acquired Lexon UK Holdings and Asurex Limited, a family-owned pharmaceutical wholesaler with five depots in Redditch, Leeds, Durham, East Kilbride and Dublin and a network of community pharmacies across the Midlands, North West, and North East.
Lexon has been in operation for more than 25 years. It operates primarily as a pharmaceutical wholesaler serving 3,000 retail pharmacy customers across the UK and Eire from five sites. The business also operates 42 community pharmacies (currently trading as Knights Pharmacy) and is also a specialist developer and manufacturer of generic pharmaceuticals and is a data and solutions provider to pharmacy.
The acquisition will be notified to the Competition and Markets Authority (CMA).
Seb Hobbs, CEO Well Pharmacy, said: “We’re delighted to be welcoming the 1,200 strong team at Lexon and Asurex to Well and the broader Bestway family, and are excited at the chance to grow our business to support even more customers and patients than ever before.
“We know that Lexon share our ethos as a values-orientated family business and that by bringing together our expertise we will be able to grow all aspects of our business by building on each other’s strengths. These are incredibly challenging times for community pharmacy, so we’re really pleased to be able to have an opportunity to show our commitment to the sector, now and into the future.”
Anup Sodha, who remains managing director at Lexon, said: “Colleagues should look forward to a bright future, with the added security of being part of a larger group with the investment, opportunities and benefits that will provide. Both businesses, being independent and family-owned, share similar cultural values and have the common goal of providing exceptional service and value to pharmacy, our patients and our supply chain.”
Anand Sodha will remain within the business to ensure the smooth integration of all the Norchem Pharmacies into the Well group, while Nimesh Sodha will continue to lead Key Pharmaceuticals.
Anup said: “We’d like to thank Pritesh Sonpal, Nitin Sodha and Pankaj Sodha, who have all decided that this is the time for them to step away from the business. They have all made a considerable impact on our success as a business and will be missed.”
Hobbs added: “We are excited and ready for the challenges ahead. We are committed to listening and learning from each other as we build a stronger company which benefits all stakeholders and improves the lives of our patients and customers.”
Irwin Mitchell partner Nick Dawson alongside Tom Wisniewski, Alex Bloomer and Greg Mazgajczyk from the corporate team advised Lexon. Colleagues from Irwin Mitchell’s corporate tax, commercial, property, employment, IP, and banking teams also supported the deal.
