Former Lloyds Pharmacy’s snapped up with £17m funding package
A Walsall-headquartered health business has acquired 36 pharmacies across the UK, protecting 212 jobs and creating 130 roles.
Jhoots Pharmacy has purchased the sites in small neighbourhoods and villages from Lloyds Pharmacy, following a £17.4m funding package from HSBC.
The group already owns 63 sites across the UK and will use the funding to undertake refits and enhance pharmacy offerings, ensuring local communities have access to urgent care services such as referrals from doctors, sexual health consultations and travel clinics with them aim of alleviating GP waiting times.
Sarbjit Jhooty, business development director at Jhoots Pharmacy, said: “We were looking for the right banking partner to support our business and our vision to grow into a larger pharmacy chain. With HSBC UK’s backing, we’re committed to providing a service that puts the community first, with a strong face-to-face approach that will offer enhanced support to local areas.”
Partho Bose, relationship director at HSBC UK, added: “It’s extremely important to increase the access to care in the UK. With our extensive understanding and experience within the health sector, we’re providing Jhoots Pharmacy with financial foundations to realise the business’s ambitious growth plans as well as protecting and creating jobs.”
Andy Oates, head of corporate banking for the West Midlands at HSBC, said: “The Midlands is an attractive hub for business and people. We want to open a world of opportunity for our customers and are pleased to be supporting the growth of an important community business and regional economy.”