13 September 2016
The Corporate Finance team at Midlands-based Cooper Parry has led the sale of established East Midlands based pharmacy chain K.M. Brennan (Chemists) (“Brennans”) to PCT Healthcare.
Cooper Parry acted as lead advisers to the shareholders of K.M. Brennan on the disposal of the business to PCT Healthcare, resulting in the sale of its six well-established pharmacy businesses across the region. The Nottingham office of national law firm, Gateley Plc, provided legal advice to the selling shareholders.
The first Brennans pharmacy opened in Beaumont Leys in 1980, the company has since grown from a single site to operating six pharmacies in the greater Leicestershire and Derbyshire area focused on community-based pharmacy services.
Chesterfield headquartered PCT Healthcare is the third largest independent pharmacy chain in the UK. Having earlier in the year completed the acquisition of WR Evans (Chemist), the enlarged group employs over 1,400 people and operates under the Peak Pharmacy, Tims and Parker, Manor Pharmacy and Cox and Robinson brands.
Commenting on the sale of the business, Ben Rookes, Corporate Finance Director at Cooper Parry, said:
“We are delighted to work with the shareholders of Brennans on this retirement sale. PCT Healthcare has acquired a business with a similar culture and commitment to excellent healthcare advice and customer service.
“Community pharmacy continues to be at the front line of NHS primary care with an important role to play in alleviating pressure on GP’s and the wider NHS.”
Mark Rutherford, Partner at Gateley Plc, commented:
“Both Brennans and its shareholders have been clients for nearly 20 years. We are really pleased to have been involved as legal advisors, both as the business has grown over the years, and also on its sale.
“For Kevin Brennan, the sale is the fulfilment of a lifetime’s hard work and dedication to the business, and it’s great to see that a business of PCT's quality will now take Brennans forward to the next stage of its development”.
Peter Cattee, PCT Healthcare Chief Executive Officer, said:
“The transfer of Kevin Brennan’s business into Peak Pharmacy is an ideal opportunity for us to develop the business out of our traditional Derbyshire/Nottinghamshire base towards our branches further south.
“Kevin has built up a tremendous business by his hard work and application and we shall be following in his footsteps by continuing to concentrate on personal service, staff training and development and family culture – all supported by our strong operational background.
“Pharmacy continues to be integral to the needs of the NHS and in many regards looks like a practical solution to some of its current problems. PCT Healthcare is well-placed to deliver services in this environment.”
This is another major East Midlands pharmacy chain sale that Cooper Parry Corporate Finance have completed in recent years and follows the sale of 17 site pharmacy chain Burrows & Close to Boots UK.
The corporate finance team at Cooper Parry advises privately owned businesses, business owners, management teams and private equity firms on a range of services including company sales, acquisitions, MBOs, private equity support and development capital.