Group expands with acquisition
M&D Green adds pharmacy shops with Thomas McLean deal
Grant Bett and Martin Green (pic contributed)
M&D Green Group, one of Scotland’s largest independent pharmacy operators, has acquired Thomas McLean & Son which operates five retail outlets in the central belt.
The size of the deal was undisclosed but additional funding to the loan by HSBC has taken the total package beyond £10 million to support the newly-enlarged business which now has 23 units.
M&D Green Group’s existing pharmacies are predominantly across Glasgow, Renfrewshire, Inverclyde and North Ayrshire. The acquisition extends its presence into areas such as Larbert, Muirhead and Cumbernauld.
As part of the acquisition, M&D Green Group will refurbish and re-brand each of the five units over the next 12 to 18 months. It will also take on Thomas McLean & Sons existing 50-strong workforce, taking the group’s total employee numbers to about 250.
Martin Green, owner of M&D Green Group and chairman of Community Pharmacy Scotland, said: “We have ambitions to grow the business across Scotland and the financial backing from HSBC UK has allowed us to take a big step forward with our expansion plans.”
Grant Bett, relationship director for HSBC UK in Scotland, said: “Martin demonstrated clear and ambitious plans for growing M&D Green Group across the country.”
The finance was allocated from HSBC UK’s national SME Fund, which aims to actively support UK SMEs. The new £12 billion SME Fund has recently been announced by HSBC UK, with £650 million committed to supporting SMEs in Scotland.
M&D Green Group was advised on the acquisition by Campbell Dallas accountants and Peter Duff of Morrisons Solicitors. MacRoberts advised HSBC UK on all aspects of the transactions.