A Merseyside-based independent community pharmacy group has sealed a deal to buy 11 more sites after receiving a £12.5m funding package.
Aintree-based RB Healthcare has added the new sites which are across Manchester and Merseyside in a 'one-off' deal, with the finance package from Santander UK including property loans, term debt, working capital and overdrafts.
RB Healthcare said the move would "significantly build" on its existing portfolio of three pharmacies, which are in the same area.
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The company also has an online pharmacy, Clear Chemist, which it plans to grow with support from Santander UK’s funding.
Rishi Bhatia, RB Healthcare co-director, said: "Santander UK has an in-depth understanding of the healthcare sector, our business’ growth plans, and, crucially, our core values - all of which are essential qualities in a banking partner.
"The funding structure that Santander UK has put in place has allowed us to start achieving our goals from the outset. Community pharmacies have been at the forefront of healthcare during the pandemic, and Santander UK is the ideal bank to be beginning our next chapter with."
The community pharmacy has also been involved in England’s vaccination effort, vaccinating local residents after winning a number of Covid vaccination contracts with the Government.
It has also switched its day-to-day banking to Santander.
Andy Casey, head of medical at Santander UK, said: “We are delighted to support RB Healthcare’s major acquisition of 11 community pharmacies, and to bring it on board for all its day-to-day banking.
"The company is a well-known and much valued operator in the community pharmacy sector in the North West, and we look forward to helping it achieve its growth plans in coming months and years.”
