Well buys 6 pharmacies for undisclosed sum, retaining 46 team members
Nearly 50 pharmacy team members will become Well employees following the acquisition of six Norfolk-based pharmacies, the multiple has announced.
The 46 Pharma-Z employees – which include pharmacists and drivers – will be retained “to continue offering important healthcare services and customer care to patients in the local community”, Well said in a statement published yesterday (March 1).
A Well spokesperson told C+D that these employees will be protected under the Transfer of Undertakings (Protection of Employment) regulations (TUPE).
C+D also asked whether the employees’ terms and conditions will remain the same and when they could expect any change, but the spokesperson added that “other details are confidential at this stage”.
The six Norfolk pharmacies will join Well’s existing portfolio of 750 pharmacies.
Investing in the sector
Commenting on the acquisition, Well CEO Seb Hobbs said the company is “thrilled to welcome nearly 50 new colleagues to the Well family”.
“Despite the ongoing funding challenges facing pharmacy, Well continues to invest in the sector, showing our commitment to pharmacy and offering accessible healthcare services to local communities.
“The pandemic has further highlighted the essential service and care we offer local communities by providing vital healthcare, advice, medication, NHS and private services to almost two million patients every month,” Mr Hobbs added.
Well’s acquisition comes at a time when Boots announced it has completed 158 of 200 planned branch closures and Lloydspharmacy’s owner has reportedly been “in talks” to sell its retail and wholesaling businesses, “rumours” that remain unconfirmed to date. Last year (December 2), Rowlands halted the sale of an extra 12 branches it had originally put up for sale in February 2019 due to “tough market”.
Well told C+D last year (June 16) that it had written to “approximately 580 landlords” asking for help with rent payments after it reported a 25% income dip as a result of the COVID-19 outbreak.