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Co-operative Pharmacy 'likely' to be sold by end of 2014

A spokesperson for the Co-operative Group said there has been “significant early expression of interest” from potential buyers

EXCLUSIVE

The Co-operative Pharmacy is "likely" to be sold by the end of the year, C+D has learned.


There had been "significant early expressions of interest" from potential buyers, leading the Co-operative Group to think the pharmacy chain would be sold "during the course" of 2014, a spokesperson told C+D last week (May 9).


Although the group was "not certain" of the outcome of its strategic review into the future of its pharmacies, the interest from buyers reflected the "strength and quality" of the business, the spokesperson added.


In its financial report last month, the Co-operative Group revealed that its 782 pharmacies were not part of its future strategy, with overall sales down £4m to £760m last year.


The Co-operative Group

reported "significant"

interest in its 782 pharmacies

More on the Co-operative Pharmacy sale

Pharmacy ‘not part' of Co-operative's future strategy

In mourning for the co-operative approach

Pharmacist consortium raises £40m to buy Co-operative Pharmacy


Overall, the Co-operative Group reported a "disastrous" year, with the worst crisis in the company's 150-year history leading to annual losses of £2.5 billion.


Pharmacists have pledged more than £53 million to buy the pharmacy business as part of the Co-op Consortium, which is unrelated to the Co-operative Group. The consortium would start negotiations to buy the pharmacies once it had secured £60m in pledges, it told C+D last month.


In March, economic analyst Michael Thomas predicted that American retail chains would bid for the Co-operative Group's pharmacies if they were sold. North American retail chains CVS andShoppers Drug Mart could both "make a play" for the pharmacies, Mr Thomas told C+D.

What do you think the future holds for the Co-operative Pharmacy?
 
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15 Comments

Khaled Miah, Other healthcare profession

My God!

Guess there will be more job adverts for FTP inspectors. Time to apply.

All the area managers that left Boots went into the other multiples, when Boots was sold to America. I wonder where the area managers that went into Co op will migrate to now. Boots seem to be following them.

Leon The Apothecary, Student

Well, the winner to all this is going to be the corp with the largest chequebook ~

Pharmacist Pharmacist, Community pharmacist

On a serious note please explain what the consortium is

Samuel Horti, Medical student

See our story on the consortium below: it's made up of business owners who are accepting pledges from pharmacists on the basis that, when they receive £60m in pledges, they will enter negotiations with the Co-op Group over buying the Co-op Pharmacy.

http://www.chemistanddruggist.co.uk/news-content/-/article_display_list/...

Er Ds, Superintendent

yes, stick to working for the shoe company and leave the business to the men....

Pharmacist Pharmacist, Community pharmacist

Can somebody please explain to me who the consortium is? Do pharmacists make pledges to this consortia and once the amount required is reached the consortia will buy the pharmacies? Will the pharmacists then get a cut of the profits? I cant get my head around it, please can somebody enlighten me

P M, Community pharmacist

if you cant get your head round the info, don't bother with it... stick to marbles in the playground..

Pharmacist Pharmacist, Community pharmacist

OK PM, thank you

MESUT OZIL,

Money talks.....

rumours that Richard branson's virgin have made a bid...

Halal Butcher, Academic pharmacist

Yes that was the "rumour" I heard too. But then again I've heard Mr Abdul and Mr Mohammed and their 10 brothers and sisters and Aunts n Uncles are throwing their cheque in, so who knows!?

MESUT OZIL,

You forgot your mummy and daddy

thepharmacist Forever!, Pharmacist Director

Would you be able to get morning after pill at a "Virgin's Chemist"?

Halal Butcher, Academic pharmacist

If Mr Abdul and Mohammed buy them out, then that'll be a NO!

John Schofield, Locum pharmacist

Just goes to show that if you have a semi-monopoly situation with no real competition any operator can make a profit as long as the numbers are there.

Super Locum,

Shame its unlikely that any of these pharmacies will be sold to any young aspiring pharmacist.

the area managers will soon find the boot is on the other foot when it comes to bullying pharmacists about targets etc.

What goes around comes around.

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