“Derbyshire-based Peak Pharmacy…has secured an eight-figure refinancing package from HSBC UK,” the bank today (June 26) announced.
It said that the funding will help Peak Pharmacy, which owns over 130 pharmacies nationwide and currently supplies around 1.5% of English prescriptions, to “power its ambitious growth plans”.
Read more: Wales launches £700k ‘pharmacy improvement scheme’
“The funding will support the company’s automation strategy following the development of a new state-of-the-art 113,000-square-foot warehouse known as ‘Horizon’,” it added.
It said that the investment will help the business “grow further”, adding that it has “plans for strategic acquisitions and service improvements already underway”.
“The company is also on track to reach a milestone – £200 million in turnover by the end of the year – it’s highest to date,” it revealed.
“A pivotal time”
“HSBC UK really understood what we were looking for and invested time with us,” Peak Pharmacy managing director Joe Cattee said.
“We felt it was time to explore new opportunities and take the next step in growing our business,” he added.
“As we invest more in automation and continue prioritising patient service, having HSBC UK by our side gives us the confidence and support to build for the future,” he said.
Read more: Online pharmacy expansion secures ‘six-figure’ backing from HSBC UK
“It’s a pivotal time for pharmacies and the role they play in supporting primary healthcare,” HSBC UK senior relationship director Philip Carr said.
“Businesses like Peak Pharmacy need the headroom and financial flexibility to grow, adapt and keep their patients at the heart of what they do,” he added.
Read more: Chemist4U owner secures £12m investment to ‘turbocharge growth’
It comes after online pharmacy SignaturePharmacy received “six-figure financial support” from HSBC UK to establish a new 1,400-square-foot warehouse in 2023 – with M&D Green, Knights Pharmacy, Jhoots Pharmacy and Osbon Pharmacy Group among those securing the bank’s backing since then.
And the Welsh government launched a “grant scheme” offering community pharmacy contractors up to £45,000 to carry out improvements to their premises in April.
