Peterborough-based internet pharmacy gets new lease of life with Â£2 million acquisition
An internet pharmacy in Peterborough is looking to grow following a multi-million pound acquisition.
Pharmadose, of Dodson Way, Fengate, has bought the Aramada Pharmacy Group in a £2.3 million deal.
The acquisition means the number of people employed by Pharmadose has risen from 11 people to 25 with turnover expected to soar from £1.3 million to £3.3 million.
Pharmadose is now looking for its fourth retail pharmacy and aims to have 10 to 15 pharmacies within the next few years.
The funding for the acquisition was made available by Santander Corporate and Commercial.
Svikrut Patel, director of Pharmadose, said: “The funding from Santander has helped us realise our ambitions of owning a group of retail pharmacies in the East of England.
“After operating online only to begin with, the retail premises give us a chance to liaise directly with customers and diversify the products we sell.
He added: “We have exciting growth plans and hope to add to our portfolio very soon.”
Pharmadose was established in 2010 and as well as offering an online pharmacy also serves several local care homes from its Peterborough base.
It bought its first retail pharmacy in Twickenham in 2013. The new acquisition means it also now owns pharmacies in Essex and Suffolk.
Mark Lawson, relationship director at Santander, said: “Pharmadose is an excellent example of a business which has evolved its business model in order to continue growing.
“The business started online and now hopes to own 10 retail pharmacies in the coming years; an ambition we are sure they will achieve.”