The former owners of the MedicX Pharmacy chain plan to quadruple their remaining portfolio of rebranded branches over the next 10 years, C+D has learned.
The owners have continued to oversee nine branches – bought with the help of investment company Bridges Ventures – under the Hub Pharmacy brand following the sale of the 21-strong chain in June.
Former MedicX Pharmacy CEO and now Hub Pharmacy CEO Steve Jeffers told C+D that the new brand had already acquired its tenth branch – Welsh’s Pharmacy in West Kirby – in mid-June and wanted to expand to “30 or 40” branches across the north of England “over the next five to 10 years”.
The chain has “several acquisitions currently under negotiation”, although these are “very confidential”, he said last week (September 3).
The nine original MedicX pharmacies were rebranded under the Hub Pharmacy name within three months of their sale, Mr Jeffers said. “Going through the process of a management buyout and securing new investors is extremely stressful, but at the same time it's intellectually stimulating,” he said.
Mr Jeffers expects the chain to grow “fairly rapidly over the next couple of years”, he said. Its management team are “very proud” of its business model, which includes refitting the branches to provide smoking cessation, weight loss and minor ailments services, he added.
Broker Christie + Co received “in excess of 200 offers” for the 21 MedicX pharmacies when they were put up for sale last year.