By SYMON ROSS
PHARMACY firm MediCare has continued its expansion by acquiring competitor Dundee Pharmacy Group with the help of financing from Bank of Scotland (Ireland).
Following the acquisition, the MediCare Group is now the largest independent pharmacy chain in Northern Ireland and employs more than 600 people.
Established in 1995, MediCare had grown to a 34 strong pharmacy chain across Northern Ireland, including three health and beauty outlets.
The Dundee Pharmacy Group purchase will add an additional 22 outlets to its portfolio, the majority of which are in the greater Belfast area.
Bank of Scotland (Ireland) executive Hugh Murphy said it was delighted to be associated with a local success story.
“The success of any business is dependent on the quality of the individuals involved and the management team at MediCare.
“They have grown a brand which is respected and supported throughout the community and have invested in the infrastructure, including their people, to support the growth of the business,” he said.
The bank previously funded MediCare’s acquisition of Campbells Dispensary Limited in 2006, which included a flagship store located in Forestside Shopping Centre, Belfast.
It also funded the relocation of MediCare to its new head office at Montgomery Road, Belfast in late 2007.
Managing director Michael Guerin said the bank has been an excellent financial partner.
“We have worked with the bank since 1998 and the personal relationships we have built up over the last decade underpinned the way in which the Dundee acquisition was approached and concluded.
“Hugh and his team were able to turn around the financing decision very quickly and helped to tailor a financial package which specifically met our needs. It is good to work with a bank which shares our long term vision for our business.”
(c) 2008 Belfast Telegraph. Provided by ProQuest LLC. All rights Reserved.
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