Pharmacy group expands shop portfolio after new funding deal

A MIDLANDS pharmacy group has added to its portfolio of shops after agreeing a new funding deal.

Cube Pharmacy has purchased a third site in Kidderminster after agreeing a six-figure funding package with Lloyds Bank.

In doing so, it has become the primary provider of pharmacy services in the Kidderminster area.

In addition to the shops in Worcestershire, the company also has outlets in Cheltenham and Loughborough.

The latest shop is based in the new health centre on the corner of Coventry Street and Waterloo Street. The opening comes after permission was granted by the NHS.

The shop in the health centre, which only opened in September, will create five new jobs within the year.

The company’s plan is to eventually double the size of its Kidderminster team, recruiting from the local town to create a workforce of 50.

Cube Pharmacy and Lloyds Bank have been in partnership since 2009 and the bank backed former purchases in Cheltenham in 2012 and Loughborough in 2015.

Am Tanday, director at Cube said: “The funding has given us the opportunity to expand into new areas across the country, and create a much bigger workforce than we could have imagined.

“As well as the funding itself, Lloyds Bank have given us invaluable expertise and industry knowledge to guide the company for two-and-a-half years.”

Tim Kibby, healthcare relationship manager for Lloyds Bank Commercial Banking, said: “Cube Pharmacy has been a central part of the community in Kidderminster for seven years. The team is committed to keeping the local economy going, employing staff from the local area.”