Knights Pharmacy is set for significant growth thanks to an eight-figure funding package from HSBC UK.
The independent community pharmacy specialists will use the funding to support the acquisition of pharmacy stores from Avicenna Retail, expanding its footprint across South Wales. The newly acquired sites are located in key community locations across the Rhondda and Cynon Valleys and others.
The firm said the newly acquired pharmacies will provide patients with access to a broader range of clinical care, upgraded digital systems and a dedicated team focused on high-quality care, as well as the support of the wider Knights network. As part of the acquisition, all 240 existing staff will be retained.
The move is part of Knights Pharmacy’s long-term strategy to grow its presence and make healthcare more accessible. Following the acquisition, Knights Chemists will operate more than 70 pharmacies across England and Wales and anticipates a 35 per cent increase in turnover over the next 12 months.
Anand Sodha, Managing Director at Knights Chemists, said:
“I’m incredibly pleased to be welcoming new pharmacies in Wales into the Knights family. These are well-respected community pharmacies with strong local roots, and this expansion reflects the trust we have in our teams across Wales, both existing and new. Most importantly, it allows us to serve even more patients in the Valleys with the care and consistency they deserve.
“I’d like to thank HSBC for their continued belief in our business and for supporting this acquisition, as well as Hill Dickinson for their legal guidance throughout the process. Their involvement has helped make this transaction as smooth and secure as possible.”
Partho Bose, Relationship Director at HSBC UK, added:
“We've worked closely with the team at Knights Pharmacy for several years, supporting growth across England and Wales. The company’s drive and community-centred approach aligns with our desire to back ambitious businesses. We’re excited to see the positive impact the move will have across local communities at South Wales and extend our thanks to Browne Jacobson for their trusted support along the way.”
Established in 1985, Knights Pharmacy is a family-owned business with pharmacies across the West Midlands and South Wales. Now owned and managed by the second generation of the family, the community-focused chemists offer a range of healthcare services, including prescriptions, vaccinations and the Pharmacy First/Common Ailments Schemes.
This year, Knights Pharmacy earned a place on the Financial Times 1000 list of Europe’s fastest-growing companies. The recognition highlights the company’s impressive trajectory, achieving a compound annual growth rate (CAGR) of 51.7% between 2020 and 2023.
