Well considered buying Sainsbury’s pharmacy business but decided it is not “a good fit”, C+D has learned.
The rebranded multiple, formerly the Co-operative Pharmacy, “looked at” the possibility of buying the supermarket’s pharmacies before they were acquired by Lloydspharmacy in July, Well owner Zameer Choudrey told C+D.
The sale of the 281 branches was “interesting”, but Well decided the “locations were not where we wanted”, Mr Choudrey said at the opening of a rebranded Well pharmacy in north-west London on yesterday (September 9).
Well’s business model is focused on pharmacies “closer to GP surgeries or in the community”, rather than in supermarkets, he stressed.
“It is more convenient for our customers to be able to go and see a GP rather than visit a shopping centre,” he said.
Well bought seven Devon pharmacies in March and had further plans to “expand its footprint”, said Mr Choudrey, who is CEO of Well parent company Bestway. “Whenever we get opportunities to acquire any small-or medium-sized chain, we will certainly be interested,” he added.
Bestway unveiled the first rebranded Co-operative pharmacies in May and told C+D on Wednesday that the rebrand of all 780 branches will be complete by October.