Community health business acquires local pharmacies with £17.4m HSBC funding

Health business Jhoots Pharmacy has acquired 36 community pharmacies with support from HSBC UK, with sites spanning from the Peak District to Hampshire.

The deal is expected to protect 212 jobs and create up to 130 new roles. Jhoots Pharmacy will use a £17.4m funding package to acquire the sites across the UK which were previously owned and managed by Lloyds Pharmacy, securing jobs within small neighbourhoods and villages.

Jhoots Pharmacy, which owns and operates 63 sites across the UK, will use the funding to undertake refits and enhance pharmacy offerings, ensuring local communities have access to urgent care services, such as referrals from doctors, sexual health consultations and travel clinics, to alleviate GP waiting times.

The business will be looking to save jobs and is actively recruiting for up to 130 roles, including pharmacists and qualified dispensers, as well as increasing opportunities for apprentices and trainees.

Sarbjit Jhooty, Business Development Director at Jhoots Pharmacy, commented: “We were looking for the right banking partner to support our business and our vision to grow into a larger pharmacy chain.

“With HSBC UK’s backing, we’re committed to providing a service that puts the community first, with a strong face-to-face approach that will offer enhanced support to local areas.”

Partho Bose, Relationship Director at HSBC UK, added: “It’s extremely important to increase the access to care in the UK. With our extensive understanding and experience within the health sector, we’re providing Jhoots Pharmacy with financial foundations to realise the business’s ambitious growth plans as well as protecting and creating jobs.”

Andy Oates, Head of Corporate Banking West Midlands, at HSBC, said: “The Midlands is an attractive hub for business and people. We want to open a world of opportunity for our customers and are pleased to be supporting the growth of an important community business and regional economy.”

Jhoots Pharmacy is an award winning independent, community pharmacy chain. It offers a full range of Essential, Advanced and Enhanced NHS Services as operated by the Local Commissioners.

By Matthew Neville – Senior Correspondent, Bdaily

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