Lloydspharmacy acquires healthcare company

A MAIL order firm which sells mobility and healthcare products has been acquired by Coventry-based  Lloydspharmacy for an undisclosed sum.

Lloydspharmacy has acquired an 80% stake in Lancashire’s Betterlifehealthcare, which had been co-owned by four of its directors. Two of these, Grant and Derek Abrahams, have retained a 20% share of the business.

Betterlifehealthcare, of Leyland, provides mobility wheelchairs, adjustable beds and a range of other healthcare products to the general public.

It also has a number of corporate customers including the NHS, Bupa, the British Red Cross, ITV and Age Concern. In the year to June 30, the company made a pre-tax profit of almost £1.6m on turnover of £8.5m and had net assets of £1.2m.

Co-founder Derek Abrahams said: “We are delighted to be selling the Betterlife business to a strong healthcare brand such as Lloydspharmacy and look forward to working with our new partners to continue building the business and service offering.”

The shareholders were advised by law firm Brabners Chaffe Street. Its corporate partner Ruth Jones said: “The team at Betterlifehealthcare has built a strong business model over the last five years, providing healthcare products and a quality distribution service in a competitive marketplace.

“Being part of a world class pharmacy group like Lloydspharmacy represents a fantastic outcome and opportunity for its customers and employees.”

Lloydspharmacy was advised by Addleshaw Goddard.