EXCLUSIVE

The former owners of the MedicX pharmacy chain want to double their portfolio of branches by the end of the year, C+D has learned.

Hub Pharmacy has bought an HBS Pharmacy in Hyde, Greater Manchester for an undisclosed sum, bringing the number of branches it owns to 11, the chain announced on Monday (January 4).

The former MedicX owners retained nine pharmacies when they sold the 21-strong chain last June, and acquired a tenth branch later that month.

Former MedicX CEO and now Hub Pharmacy CEO Steve Jeffers told C+D the latest deal will "hopefully be the first of several" this year, and the chain will "ideally" reach 20 pharmacies by the end of 2016.

The company is “actively looking at” buying three pharmacies “of varying sizes” in the north of England, he added.

"Substantial investment"

Hub Pharmacy will “invest substantial funds” to refurbish the newly-acquired pharmacy – which be rebranded as Market Street Pharmacy (Hyde) – and update its IT systems, the chain said.

It will retain all staff at the branch, and several new team members have already been hired to “assist in growing the business”, it added.

Mr Jeffers told C+D in September that the Hub Pharmacy plans to quadruple its portfolio over the next 10 years.

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