MedicX's 21 branches sold
The multiple’s management team says it has reinvested in nine of the pharmacies in north-west England
Independent chain MedicX Pharmacy has sold its 21 branches, including nine pharmacies that will be led by the previous management.
MedicX Pharmacy’s management team will continue to supervise nine branches in north-west England, which have been bought for an undisclosed sum by investment company Bridges Ventures. The pharmacies would be relaunched under the brand Hub Pharmacy, Bridges Ventures announced yesterday (June 2).
Broker Christie + Co, which oversaw the sale of all 21 branches, said there had been “unprecedented interest” in the chain. It told C+D that the identity of the 10 owners of the 12 pharmacies not bought by Bridges Ventures was still confidential, and did not disclose sale prices.
The three-strong MedicX Pharmacy management team have all invested in the Hub Pharmacy brand. MedicX Pharmacy CEO Steve Jeffers told C+D that it would be “business as normal” for the nine pharmacies and patients would not be affected.
“All of the team members who worked in the pharmacies last week are still working this week. We hope to build the business over the next few years and increase employment,” he added.
"Buy and build" strategy
Bridges Ventures said it intended to refit the branches to provide additional services to patients, such as smoking cessation, weight loss and minor ailments services. Its purchase of nine pharmacies was the start of a “buy and build” strategy, said the company, with “a number of other acquisitions under consideration”.
The MedicX Pharmacy chain was put up for sale last year, when it consisted of 13 branches in north-west England, as well as five in London and the south east, two in Yorkshire and one in Wiltshire. Christie + Co had received “in excess of 200 offers” for the branches, which director of pharmacy Tony Evans said demonstrated the “strong appetite for pharmacies across the UK”.
“I am particularly pleased to see many of the pharmacies sell to independent operators and first-time buyers,” Mr Evans added.