Walter Davidson & Sons, owner of the Davidsons Chemists pharmacy chain, is adding five branches to its network following a seven-figure funding deal.
The Scottish group now owns 56 pharmacies following the acquisition of the outlets from LloydsPharmacy, which are now being rebranded. Two are located in Dundee, and one each in Kirriemuir, Montrose and Auchterarder – where it now owns the town’s two chemists.
Davidsons has also completed the recruitment of three new pharmacist managers for the branches which were being operated by a locum. Their appointments will enable Davidsons to restore and upgrade their operations as well as provide greater certainty for local communities.
“We are making excellent progress with our five new branches, which we are rebuilding as valued local resources that will provide first-class community healthcare," managing director Allan Gordon said. "Our new pharmacist managers are providing much-needed structure and continuity and anecdotally, we have had great feedback from customers.
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“As a business, we have significantly strengthened our position across the Tayside and Perthshire area following the acquisition from Lloyds."
Davidsons provides a wide range of pharmacy services including prescriptions, vaccinations, smoking cessation and minor ailment care. The group is headquartered in Blairgowrie where its first branch opened in 1897.
Latest accounts for Davidsons show the group made a pre-tax profit of £4.9 million on turnover of £52.8m during the year to January 2022. The funding package for this latest acquisition was supported by independent law firm Thorntons.
“Davidsons Chemists’ acquisition is a great step forward for an ambitious, growing healthcare business," Thorntons partner Kim Campbell said. "It’s extremely rewarding to have played a role in bringing these five branches into its ownership, which is set to have a positive impact on both the business and local communities.
“We wish Davidsons’ management team every success as they incorporate the new branches and develop the business.”
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