MBO at pharmacy
A PHARMACIST has led a management buyout of an independent Yorkshire pharmacy for an undisclosed six figure sum.
Robert Sherman has completed the MBO of Belle Isle Health in a deal funded by its long term banker Royal Bank of Scotland via the Government backed Enterprise Finance Guarantee Scheme.
BIH is an independent dispensing pharmacy located in the Belle Isle area of Leeds.
Since the launch of the pharmacy in 2007, the business has grown steadily underpinned by NHS prescription volumes from the surrounding LS10 postcode area.
BIH provides a range of services, including a prescription collection and delivery service for clients.
Mr Sherman has led the business growth, including the addition of pharmacy services for care homes and their residents.
He said: “I’m delighted to now have full ownership and control of the business. There are additional business growth opportunities that I intend to take forward and this MBO is an important initial step to give the business a platform for further growth.”
The funding package was provided through Mike Coster from the RBS Leeds Healthcare team and John Moors from RBS Invoice Finance.
RBS has provided a 10 year acquisition finance loan via the Government EFG Scheme, plus working capital via the newly launched RBSIF Pharmacy Finance product, which delivers working capital based directly on monthly NHS prescription data.
Mike Coster, associate director of the RBS Healthcare team in Leeds, said: “RBS has worked with Robert since the formation of BIH in 1997, and his considerable market knowledge and strategy for the business has continually impressed us.
“The funding arrangements we have delivered allow Robert to take the business to the next level, and the Pharmacy Finance facility will grow alongside the business, as prescription volumes increase.”
