HSBC UK last week (July 3) revealed that Redditch-based pharmacy group Knights Pharmacy is “set for significant growth thanks to an eight-figure funding package” from the bank.
It said that the group will use the funding to acquire pharmacy branches from Avicenna Retail, “expanding its footprint across South Wales” with sites in “key community locations across the Rhondda, Cynon Valleys and others”.
However, it remains unclear how many Avicenna branches Knights will acquire and where exactly these are located.
Read more: Peak Pharmacy secures eight-figure ‘growth’ cash injection
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”, HSBC added.
And it said that “all 240 existing staff will be retained, ensuring continuity of care and local knowledge”.
Following the branch purchases, Knights will operate “over 70 pharmacies across England and Wales” and “anticipates a 35% increase in turnover over the next 12 months”, it added.
“Ambitious” business
The acquisitions are part of the group’s “long-term strategy to grow its presence in local communities and make healthcare more accessible”, according to HSBC.
Knights managing director Anand Sodha said he is “incredibly pleased” to welcome the Welsh pharmacies “into the Knights family”.
“These are well-respected community pharmacies with strong local roots and this expansion reflects the trust we have in our teams across Wales, both existing and new,” he added.
Read more: Knights Pharmacy buys two new Welsh branches with bank backing
HSBC UK relationship director Partho Bose said that the bank has “worked closely” with Knights “for several years” and that the company’s “drive and community-centred approach aligns with [its] desire to back ambitious businesses”.
Earlier this year, Knights was featured on the Financial Times 1000 list of Europe’s fastest-growing companies, highlighting its “impressive trajectory”, HSBC said.
Knights is a family-owned business - now helmed by the second generation – established in 1985, with pharmacies across the West Midlands and South Wales, it added.
Read more: UPDATED: Well-Lexon merger to go ahead as CMA waves through deal
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.
