Osbon Pharmacy Group, a family-run business, received the £4.25m cash injection from HSBC UK to“support its mergers and acquisitions” plans, the bank said yesterday (June 19).
The multimillion-pound funding package will allow it to “invest in its health services and acquisition activity, to bring accessible and comprehensive medical services closer to the doorstep of Londoners and people of Southeast England”, HSBC UK added.
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Osbon Pharmacy Group switched to banking with HSBC UK as part of a £6.9m refinance package last year, which enabled the business to acquire nine pharmacies, bringing the total funding provided by HSBC UK to £11.1m to date, it said.
The new investment will create 10 new jobs including pharmacists, pharmacy assistants, technicians, dispensers, accounts clerks and delivery drivers, taking the company’s total headcount to 185, the bank added.
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The company, established in 2005, currently has 26 pharmacies across London and Southeast England and “prides itself on delivering personal and dedicated services to customers,” HSBC UK said.
The pharmacy group already “offers a range of medicines and prescription services as well as offering help and advice”, it added.
“Growth ambitions”
“Pharmacies embody the essence of community-based healthcare and we are thrilled to amplify our impact across London and Southeast England”, CEO of Osbon Pharmacy Group Danny Osbon said.
He added that HSBC UK’s support “has been invaluable, enabling us to realise our growth ambitions and extend our reach to meet the medical needs of more Londoners and the surrounding Southeast areas".
Mr Osbon said that the group’s goal is to “provide a network of conveniently located pharmacies, ensuring that vital medications, healthcare products and expert advice are readily available to all our customers and the entire community, while investing in the local economy and creating job opportunities”.
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Amit Tomar, senior commercial manager at HSBC UK, said that the cash injection is a “significant milestone” for the company and “the communities it serves, especially as pharmacies across the UK take on more responsibilities”.
“The investment will strengthen Osbon Medical’s business while offering customers greater convenience, a comprehensive range of products and personalised care, helping to drive improvements in health outcomes”, Mr Tomar added.
This comes as Signature Pharmacy, a London-based prescription delivery service, received “six-figure financial support” from HSBC UK to establish a new 1,400-square-foot warehouse, the bank announced last week.