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Co-op Health Care buys regional pharmacies
Greg Wright Deputy Business Editor UNITED Co-op Health Care has moved into Yorkshire following the acquisition of two pharmacy businesses in Leeds and Harrogate.
United is part of 1.9bn turnover United Co-operatives, which briefly became part of the takeover saga at supermarket chain Somerfield.
United has bought Sheard Group, which operates seven pharmacies across Leeds and Harrogate, as well as Saffer Chemists, which has two stores in the Headingley district of Leeds, for undisclosed sums.
John Nuttall, general manager, United Co-op Health Care said: "At the end of last year we said that we were determined to expand our business, with Yorkshire as a major target. Now we have established ourselves there by acquiring two excellent businesses, though the search goes on for more acquisitions in Yorkshire and elsewhere."
James Turner, corporate finance director in the Leeds office of accountants and business advisers PKF, who acted for the Sheard Group, said: "While the vendor was not looking to sell initially, our negotiations with United Co-operatives resulted in a deal which was attractive to both sides."
Ian Greenfield, of solicitors Hammonds said: "We have acted for the Sheard Group for many years and it was a difficult decision for the vendor to sell the business."
Earlier this year United Co-operatives announced record profits for the eleventh year in a row.
Its other major businesses are food stores, travel, the Sunwin Motor Group and funerals. United Co-op Health Care, with sales of 132m, operates pharmacies in the Midlands and North West of England, as well as two pharmaceutical wholesalers.
In May, Rochdale-based United said it was considering making an offer for Somerfield. It pulled out of the running after seven weeks considering its position.
greg.wright@ypn.co.uk
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