RHK has just completed its second management buy-in deal in the retail pharmacy sector in as many months.
In the most recent, Jagraj Randeva, established Statusplace Limited to acquire Coast Road Pharmacy Limited in Wallsend.
Mr Randeva enlisted the services of Tony Edwards (Corporate Finance Partner) and David Thompson (Senior Partner) of RHK, and law firm Robert Muckle. Deal funding was provided by Natwest’s Manchester office.
Mr Randeva said: “I previously worked for a national chain of pharmacies, but have now fulfilled my ambition of purchasing my own pharmacy business. I intend to provide a friendly, professional service to the existing loyal customer base and hopefully to many new customers.”
David Thompson explained: “This has been a genuine team effort. Tony undertook financial due diligence and assisted Statusplace in its negotiations over the Sale and Purchase Agreement. Brad Thomas, RHK’s Tax Partner helped prepare the Tax Deed. We also undertook the work necessary to ensure that the deal complied with Companies Act in respect of financial assistance.”
“There has been a great deal of activity in the pharmacy sector recently and Joanne and I are delighted to have been involved in another successful completion. We both have no doubt that Mr Randeva’s experience, dedication and drive will ensure that he is extremely successful in this new venture “ said Stephen McNichol, of Robert Muckle.
An earlier deal in the sector involving RHK was the acquisition of Allendale Pharmacy Limited in Allendale, Northumberland.
David said, “RHK specialises in the pharmacy sector and has a number of clients engaged in that activity. With new regulations coming into force, we are finding that many clients in this sector are looking to expand and we are assisting them deal with the new regulations and opportunities that this will afford them.”
For further information on how RHK can assist you please do not hesitate to contact either David Thompson or Tony Edwards, or alternatively telephone 0191 478 1513.
Click here to take a look at our Corporate Finance deal summary.
RHK are registered by the Institute of Chartered Accountants in England and Wales to carry out company audit work. RHK Corporate Finance LLP is registered in England and Wales as a Limited Liaibility Partnership (Registered No. OC308294)
