Crowe advises on major pharmacy group expansion
National audit, tax, advisory and risk firm Crowe has advised on the acquisition of 16 pharmacies in the north of England.
Crowe’s Midlands corporate finance team, led by partner Andy Kay and associate director Phoebe Turner, provided specialist financial due diligence and transaction support to Allcures plc, which has purchased the chain of pharmacies built up by The Hub Pharmacy Ltd.
The purchase, for an undisclosed sum, brings the number of branches operated by Allcures to 48, plus an online pharmacy business.
Andy Kay said: “The Hub Pharmacy branches are all located within health centres, or in the proximity of GP surgeries, offering significant potential for growth.
“We are pleased to have assisted in an acquisition which enables Allcures to develop its service in the north of England and to continue to enhance the strong reputation built by The Hub Pharmacy Ltd.”
Kiran Cheema, managing director of Allcures, said: “We are delighted to have acquired The Hub Pharmacy Ltd, delivering on our strategy to develop our service offering into the north of England. Andy and Phoebe were a great support during the process, providing valuable and timely advice throughout.”
The branches are spread across the north of England, including Greater Manchester, Warrington, Halifax and Rochdale.
The Hub Pharmacy Ltd was established in 2015, via a management buyout of MedicX Pharmacy Ltd, with funding support from Bridges Fund Management. Starting from a core group of nine pharmacies, the group has grown to 16.
Essex-based Allcures plc, is a 32-strong pharmacy group operating across the south of England.
Gemma Mintram of Knights plc provided legal advice to Allcures and Chris Christodoulou of Shawbrook Bank provided the funding.
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- Miriam Sherwood, Director, People Communications & Marketing, Crowe UK. Tel: (0)121 543 1900, email@example.com
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