Chain growing through acquisition
Honey gets a taste for Apple’s pharmacies
Honey Pharmacy Group has acquired five pharmacies across Scotland creating up to 40 jobs and five traineeships after securing a multi-million pound finance package. It will take the number of outlets in the Glasgow based company’s portfolio to eight.
Honey Pharmacy expects turnover to rise more than threefold from £1.8 million to £5.8m as a result of the expansion.
Kasim Gulzar, pharmacist and owner of Honey Pharmacy Group, worked with business partner Asim Sarwar on the deal. Mr Gulzar said: “We’re at the start of an exciting journey for Honey Pharmacy as the number of sites more than double and we take our personalised patient service offering across the country.”
The deal marks the start of a new banking relationship after the business switched its full banking requirements to HSBC. The funding has been allocated from the bank’s £8 billion UK SME fund, with £400m specifically designated to support Scottish firms.
Grant Bett, relationship director for HSBC corporate banking in Scotland, said: “Honey Pharmacy has an exciting future ahead as they build on their already strong Glasgow offering to open more Honey Pharmacy sites across Scotland. We’re pleased to start a new banking relationship and to be able support such an ambitious Scottish business through our dedicated SME fund for Scotland.”
Peter Gallanagh of Scottish chartered accountants, Campbell Dallas, assisted on the deal.