Independent buys pharmacy for 'few million' in push for 50 stores
An independent pharmacy group has purchased one store for a “few million” as part of its strategy to reach 50 branches.
The acquisition of RS McPherson Pharmacy in Broughty Ferry in Dundee by Davidsons Chemists last month (June 1) brought the group’s total number of branches up to 37, managing director Allan Gordon told C+D.
“We’ve grown from 10 in 1997 – [and] are slowly but surely getting towards 50,” Mr Gordon said last week (June 27).
The company is now looking to purchase a group of up to 15 pharmacies, he revealed.
Davidsons can afford to expand by pulling together its resources and taking out loans, which Mr Gordon estimates could total “up to £25 million”.
The company projects its annual turnover for 2018-19 will be £40m. This includes RS McPherson Pharmacy, where the annual turnover is £3m annually – with approximately 85% coming from dispensing.
“The pharmacy of choice”
Mr Gordon told C+D he was “born and raised” in Broughty Ferry. “McPherson Pharmacy is the pharmacy of choice [for the area] due to the quality of service that Ken [McPherson] and his supporting staff used to give,” he explained.
“It fits our ideals – the patient always comes first. There’s a nice synergy to how we do things.”
“There’s no silver bullet that it offers [but] it is well laid-out, bright and airy. Its average spend is high, and it gives a good retail experience.”
Commenting on the situation faced by community pharmacies in Scotland compared with England, Mr Gordon said devolution had been a “game-changer” as it had allowed his country to form its own pharmacy policy.
Read how an independent group bought a coastal pharmacy in Scotland for over £1.4m last month.