Sale of Derbyshire Pharmacy Chain
Date of Issue: 25 July 2006
Derby, June 2006 - R. F. Foskett & Son Limited, a chain of three pharmacies in Derbyshire has been sold to Lloyds Pharmacy, for an undisclosed sum. Advice on the sale to the vendor was given by Bates Weston Corporate Finance with legal advice from Flint Bishop & Barnett, both based in Derby.
R. F. Foskett & Son Limited has been trading in the pharmacy sector for 25 years. The company had been run by Andrew Foskett who had grown the business consistently year on year. The business began with the Hedley Hewes pharmacy in Osmaston Road Derby in 1982. The Allestree branch was added in 1984 with the third Duffield pharmacy being acquired in 1997. The combined business employes 30 staff.
Lloyds Pharmacy were successful in a very competitive bidding process involving national and regional chains. The acquisition increases Lloyds geographical coverage in the Derbyshire area.
Commenting on the sale, Andrew Foskett said:
"We are delighted to have completed the sale to Lloyds" The sale provides ongoing employment and career opportunities for our staff who have been so loyal in each of our shops."
"I was particularly pleased with the way in which the sale process was handled by our advisers Bates Weston. The key to a successful outcome was the management of the bidding process and ultimately working with Lloyds advisers on all aspects of the deal."
Chris Jones, Director at Bates Weston added:
"I am glad that we have been instrumental in putting together a deal that allows Andrew to realise the value he has generated in growing his business. Having completed several deals in the pharmacy sector, we have a close knowledge of purchasers requirements and the factors that drive value"
David Kaplan, Partner at Flint Bishop & Barnett concluded:
"We were delighted to play our part in supporting Andrew and his family in achieving their exit strategy. The deal underlines the quality of the Derby professional community in its ability to deliver commercial and robust advice to owner managers"
For further details, please contact:
Bridget Charlton, Marketing Manager
Email: bridgetc@batesweston.co.uk
or telephone 01332 365855
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