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Pharmadose purchases pharmacy chain following £2.3m funding from Santander
Peterborough-based Pharmadose, the internet pharmacy group, has purchased the Aramada Pharmacy Group following a funding package worth £2.3 million from Santander Corporate & Commercial.
Pharmadose was established in 2010 as an internet based pharmacy group and also serves several local care homes from its Peterborough base. The company purchased its first retail pharmacy based in Twickenham in 2013. The £2.3 million funding from Santander Corporate & Commercial has allowed Pharmadose to purchase the Aramada Pharmacy Group and as a result the business now owns pharmacies in Essex and Suffolk, as well as Twickenham.
The business has grown to 25 members of staff with the purchase, and turnover is expected to increase from £1.3 million to £3.3 million. Pharmadose is now looking for its fourth retail pharmacy and hopes to have ten in its portfolio in the next few years.
Svikrut Patel, Director, Pharmadose, said:
The funding from Santander has helped us realise our ambitions of owning a group of retail pharmacies in the East of England. After operating online only to begin with, the retail premises give us a chance to liaise directly with customers and diversify the products we sell. We have exciting growth plans and hope to add to our portfolio very soon.
Mark Lawson, Relationship Director at Santander, said:
Pharmadose is an excellent example of a business which has evolved its business model in order to continue growing. The business started online and now hopes to own 10 retail pharmacies in the coming years; an ambition we are sure they will achieve.