Leading pharmaceutical wholesaler Lexon UK has completed a £60 million refinancing deal with HSBC UK to help meet its growth targets in 2022 and beyond.
The asset based lending facility will support Lexon’s business strategy, including capital expenditure in areas such as new technology and business development.
Founded in 1995, the Redditch-based supplier has distribution centres in Leeds, Durham and Dublin, supporting thousands of independent pharmacies.
Nimesh Sodha, director at Lexon, said: “We are delighted to have completed this deal – it will help Lexon grow and continue to support independent pharmacies across the UK, as we have done for many years, in fresh and exciting ways.
“We are looking forward to what the future holds and would like to thank Clearwater for their support, as well as the commitment and hard work of the Lexon family for getting us to this point.”
Commenting on the deal, Joe Dyke, partner at Clearwater International, said: “The facility will allow management to optimize its day to day funding whilst providing additional headroom for growth.”
The family owned business also owns a chain of pharmacies — Knights Pharmacies — and a generic drug manufacturer — Key Pharmaceuticals — with a staff strength of more than 1,200 across the operations.
Over the past two years, Lexon has assisted the fight against the Covid-19 pandemic by hosting multiple vaccination centers and working with its pharmacy partners.