The £17.4 million deal is expected to protect 212 jobs and create up to 130 new roles
Leading health business Jhoots Pharmacy, which owns and operates 63 sites across the UK, has bought 36 more community pharmacies with a £17.4 million funding package from HSBC UK.
The funding will be used to acquire the sites across the UK which were previously owned and managed by Lloyds Pharmacy, and the deal is expected to protect 212 jobs and create up to 130 new roles.
The sites acquired by the independent group span from the Peak District to Hampshire, including six in Wales.
With this funding, Jhoots Pharmacy also plans to undertake refits and enhance pharmacy offerings to provide local communities access to urgent care services, which in turn will help alleviate GP waiting times.
Besides securing jobs, the business is actively hiring for up to 130 new roles, including pharmacists and qualified dispensers, while also increasing opportunities for apprentices and trainees.
Sarbjit Jhooty, Business Development Director at Jhoots Pharmacy, said: “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, stressed the importance of improving access to care in the UK, and said they are providing Jhoots Pharmacy with financial foundations to “realise the business’s ambitious growth plans as well as protecting and creating jobs.”
Jhoots Pharmacy offers a full range of Essential, Advanced and Enhanced NHS Services as operated by the Local Commissioners.
Lead image: L-R: Partho Bose, HSBC UK, Sarbjit Singh Jhooty, Manjit Singh Jhooty
(Image credit: Dave Warren/Picture Team)
