HSBC this week (June 12) revealed that Knights Pharmacy has acquired two new sites in Newport thanks to its financial backing.
The pharmacies were previously owned by Evans Pharmacy Group, it said.
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One branch is in Abercarn and “dispenses 12,000 items annually to local residents” while the other in Cwmcarn “issues approximately 5,000”, HSBC added.
The amount of money in the bank’s funding package remains undisclosed.
“Bettering our services”
The bank said that following the acquisition, “Knights Pharmacy plans to enhance the services at the Abercarn site” by opening a second “treatment room”.
The family-owned business, founded in 1984 and based in Redditch, also “intends to continue offering independent prescribing services at both locations, allowing pharmacists to prescribe the appropriate medicines for minor illnesses”, it added.
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Knights Pharmacy managing director Anand Sodha said that the “plan for these two additional sites, and for the rest of our locations, is to focus on continually bettering our services”.
He added that “by offering vital treatment for minor ailments, we can help to alleviate the pressure on the NHS and ensure our customers receive the care they need”.
Up and down
C+D understands that Well last year acquired 48 branches from Knights based in the North East and North West, all of which have since been rebranded to Well.
Knights Pharmacy now has “49 community sites across England and Wales” following the deal, HSBC said.
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Knights is not the only multiple purchasing new pharmacies - Cohen’s annual report for 2023 last month revealed that it had bought seven new pharmacies amid losses of nearly £6 million.
However, the news also comes after the National Pharmacy Association (NPA) last month warned that pharmacy closures have been “skyrocketing”, with ten a week closing in 2024.