Pharmacy2u secures £7m funding boost
The company has secured a further £7m of investment from BGF (Business Growth Fund) and other shareholders to continue to support the rapid growth of its home delivery repeat prescriptions service for NHS patients.
The funding package comes just 10 months after the business secured an initial £10m growth capital investment from BGF to support its merger with ChemistDirect.co.uk. The new funding will enable the company to accelerate its marketing strategy and deliver long-term growth across the business.
Based in Leeds, Pharmacy2U has established a state-of the-art dispensing hub, capable of dispensing up to 700,000 prescription items a month. The firm offers a home delivery repeat prescription service for NHS patients, including clinical advice and assistance with medication management from qualified pharmacists.
With the continued push by the Department of Health to drive cost efficiencies throughout the pharmacy sector, Pharmacy2U’s model provides a scalable, cost-efficient model and is well placed to capitalise on the positive market dynamics.
CEO Mark Livingstone said: “With BGF’s initial investment we were able to successfully merge two of the UK’s leading online pharmacists.
“BGF has provided us with counsel throughout the year and we are delighted to have secured further investment from them and other shareholders.
“We look forward to implementing our growth strategy and pioneering the most cost effective digital pharmacy service we can.”
Richard Taylor of BGF added: “We continue to be excited by the online pharmacy sector and in Pharmacy2u.co.uk we are backing the leading provider and strongest management team with a clear strategy for further growth.
“This deal is another example of BGF’s ability to follow our initial investments in the companies we back, and we are delighted to be providing continued support to the business.”
The investment was led by BGF’s Richard Taylor, Rob Johnson and Chris Boyes.
Published: 08 May 2017