Medipharmacy Group has secured an £8.3m funding from Santander UK to support the acquisition of a purpose-built warehouse.
The company said the warehouse acquisition is fundamental to its plans to expand wholesale operations. It has also moved its day-to-day banking to Santander UK.
Medipharmacy, an independent community pharmacy chain operating in London, Kent, Surrey, and West Sussex, has 22 pharmacies, which deliver a full range of NHS and private services, including: prescription dispensing and deliveries; medicine reviews; smoking cessation; blood pressure testing; and many more which are provided through its on-site consulting rooms.
Through its new banking relationship with Santander UK, Medipharmacy now has significant funding to support its growth aspirations. The funding enables the business to expand its wholesale operations for retail products sold in its pharmacies and to acquire a new warehouse and head office building, in East Grinstead, West Sussex.
The new building is also being used to store medication and provides Medipharmacy with the additional capacity needed to expand its operations in future.
Sandeep Khosla, director of Medipharmacy, said: “Working with a bank that understands our business, expansion plans, values and goals was key. Santander UK’s funding package has enabled us to focus on our operations, especially during the pandemic, as pharmacies have been at the forefront of healthcare. By remaining open throughout, patients have had continuous supplies of medication and access to health advice and services. We’re very excited to now be able to expand the wholesale side of our business.”
Andy Casey, relationship director at Santander UK, said: “We’re delighted to be working with Medipharmacy Group, a well-known and respected company in the sector. By bringing together our expertise in the healthcare and pharmacy sectors, this package will support the management team’s ambitions for growth.”