The pharmacies in Chafford Hundred, Essex, and Lavenham, Suffolk were acquired from Armada Pharmacy for an undisclosed sum a week ago (June 7).
The co-director of Pharmadose Divyesh Patel told C+D today (June 15) that the acquisition is part of its aim to own 10 pharmacies in total over the next few years, “to grow as a company” and “serve the community”.
The sale will boost Pharmadose's turnover forecast “from £1.3 million to £3.3 million”, according to a statement from the company, as well as increase staff numbers from 11 to 25.
Mr Patel said he could not comment on how much each pharmacy had been bought for, but that “all” of a £2.3m bank loan from Santander went towards the purchases.
He aims to counteract the pharmacy funding cuts in England through providing services such as blood tests, which another of the company's branches already offers, Mr Patel told C+D.
Expanding the online offering
The Peterborough-based company – which began as an online-only operation – already owns one community pharmacy in Twickenham, London.
Co-director of Pharmadose Svikrut Patel said that after starting out online-only in 2010, the community pharmacies “give us a chance to liaise directly with customers and diversify the products we sell”.
Pharmadose will continue working with bank, Santander, Mr Patel said. “We have been with Santander since we started as a company and they can see how efficiently we run a business.”
The relationship director at Santander Mark Lawson said he is “sure” Pharmadose will achieve its goal of owning 10 pharmacies.
“Pharmadose is an excellent example of a business which has evolved its business model in order to continue growing," he said.
What were the most significant pharmacy acquisitions of 2016? Find out here