Bridges Ventures creates pharmacy platform

Investing from its Bridges Sustainable Growth Fund III, which closed on £125m in 2013, The Hub has been created through the acquisition of Medicx Pharmacy Group and nine of its pharmacies in the north of England.

This group will form a platform from which Bridges will undertake a buy-and-build growth strategy in the region. The GP already has a number of deals in the pipeline. According to Bridges, the pharmacy sector is currently showing signs of consolidation. 

The GP has backed the company's management team, who have all invested in the new business.

The investment will see the nine pharmacies re-fitted to provide additional services including help with quitting smoking, weight loss and minor ailments. Furthermore, they will look to improve patient dosage adherence in order to tackle drug wastage.

This investment aims to improve NHS capacity by driving preventative care, reducing curative treatments by delivering services through pharmacies instead of doctors' surgeries and A&E units. Furthermore, the majority of the pharmacies are based in underserved locations, which will increase access to medicines and healthcare services for people who typically suffer from inferior health outcomes.

Company
Founded in 2007, Medicx Pharmacy focuses on technology-enabled, healthcare service-led pharmacies. The new business will share facilities with community organisations and work with local healthcare and community groups. A number of the pharmacies operate extended hours, providing late-night opening during the week and on weekends.

People
Steve Jeffers is CEO of Medicx Pharmacy; Andrew Butterworth is chief financial officer and Chris Ball is development director.

Bridges partner Oliver Wyncoll led the deal and will join the company's board, alongside investment manager James Hurrell.

Paul Forster-Jones has joined the board as non-executive chair, having previously worked with The Co-op Pharmacy, Alliance Boots and The Body Shop.

Advisers
Equity – Addleshaw Goddard, Mike Hinchliffe, Marc Field (Legal); PwC, Christine Adshead, Graeme Hurst (Financial due diligence); Parthenon, Paul Ahern, Matthew Webster (Commercial due diligence).
Company – Hollis Gore, Patrick Gore (Financial due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Expansion
• Healthcare
• Bridges Ventures