Seb Miles joined the company on March 7 from Shawbrook Bank, where he held the role of head of pharmacy and healthcare for just under three years.

In his new role at Woodsford RxBridge – which specialises in providing loans to community pharmacies – he “will focus on enabling independent pharmacies to benefit from an unsecured revolving debt facility based on their NHS payments”, the company said.

Woodsford RxBridge said it can loan pharmacies throughout the UK “approximately two months’ worth of NHS dispensing turnover, with a flat, transparent fee”.

“This can be used for meeting wholesaler payments and paying short-term creditors, facilitating pharmacy acquisitions, expansion plans, stock acquisition, expanding consultation and other services, or repaying other loans and creditors,” it added.

Woodsford RxBridge CEO Mark Coxhead said: “Having [Mr Miles] on board, with the wealth of both financial and sector specific experience he brings, will help us support more pharmacies, especially at a time when NHS cuts and clawbacks are starting to bite.”