HSBC UK revealed earlier this month that Knights Pharmacy was set to acquire pharmacy branches from Avicenna Retail thanks to an eight-figure funding package from the bank.
But it remained unclear how many Avicenna branches Knights will acquire and where exactly these are located.
Now, the law firm that advised HSBC in the financing deal has revealed that the acquisition covers some 24 Avicenna pharmacies.
Read more: Knights snaps up Avicenna pharmacies with HSBC cash boost
Browne Jacobson yesterday (July 28) announced that Knights “used the cash to support its acquisition of 24 pharmacy stores from Avicenna Retail, expanding its footprint across South Wales”.
It reiterated that “all 240 existing staff will be retained across the newly acquired sites in key community locations across the Rhondda and Cynon Valleys”.
And it said that following the branch purchases, Redditch-based Knights will operate more than 70 pharmacies across England and Wales – meaning its footprint has grown by around 50% thanks to the acquisition.
35% turnover increase
HSBC previously revealed that the new pharmacies will offer “a broader range of clinical care, upgraded digital systems and a dedicated team focused on high-quality care, as well as the support of the wider Knights network”.
And it said that the acquisitions are part of the group’s “long-term strategy to grow its presence in local communities and make healthcare more accessible”.
Knights “anticipates a 35% increase in turnover over the next 12 months” thanks to the expansion, according to HSBC.
Read more: Peak Pharmacy secures eight-figure ‘growth’ cash injection
Earlier this year, the pharmacy group was featured on the Financial Times 1000 list of Europe’s fastest-growing companies, highlighting its “impressive trajectory” with a 52% rise in turnover between 2020 and 2023, the bank said.
Knights is a second-generation family-owned business established in 1985, with pharmacies across the West Midlands and South Wales, it added.
Read more: Knights Pharmacy buys two new Welsh branches with bank backing
HSBC revealed that Knights had acquired two new sites in Newport thanks to its financial backing in June last year – bringing the group to “49 community sites across England and Wales” following the deal.
C+D understands that Well acquired 48 branches from Knights based in the North East and North West in 2023, all of which have since been rebranded to Well.
Meanwhile, HSBC last month announced that Derbyshire-based Peak Pharmacy had also secured an “eight-figure refinancing package” to fund a new “automation strategy” following the development of a “state-of-the-art” warehouse.
