RB Healthcare, headquartered in Merseyside, which operates a group of independent community pharmacies in the North West, has reached an agreement to acquire 11 pharmacies following funding of more than £ 12.5million from Santander UK.
The innovative funding envelope includes mortgage loans, term debts, working capital and overdrafts. RB Healthcare has also moved its day-to-day banking operations to Santander UK.
RB Healthcare’s 11 new pharmacies are located in Manchester and Merseyside, and build heavily on its existing portfolio of three pharmacies, located in the same area. The company also owns an online pharmacy, Clear Chemist, which it plans to develop with funding support from Santander UK.
This year, the Community Pharmacy has been involved in England’s vaccination effort, vaccinating local residents after winning a number of Covid vaccination contracts with the government.
Rishi Bhatia, Co-Director of RB Healthcare, said: “Santander UK has a deep understanding of the healthcare industry, our business growth plans and most importantly our core values, all of which are core qualities at a banking partner. The funding structure that Santander UK put in place allowed us to start achieving our goals from the start. Community pharmacies have been at the forefront of healthcare during the pandemic, and Santander UK is the perfect bank to begin our next chapter with. “
Andy Casey, Head of Medical at Santander UK, said: “We are delighted to support RB Healthcare’s major acquisition of 11 community pharmacies, and to link it to all of its day-to-day banking operations. The company is a well-known and highly regarded operator in the community pharmacy industry in the Northwest, and we look forward to helping them realize their growth plans in the months and years to come.