PHARMACY2U SECURES £7M FUNDING following significant growthMay 2017 | News
Pharmacy2u.co.uk, the UK’s leading NHS approved online only pharmacy, has secured a further £7m of investment from BGF and other shareholders to continue to support the rapid growth of its home delivery repeat prescriptions service for NHS patients.
The funding package comes ten months after the business secured an initial £10m growth capital investment from BGF to support the merger between leading online pharmacy companies Pharmacy2u.co.uk and ChemistDirect.co.uk to create a business with the UK’s largest customer base and unrivalled experience in digital pharmacy services. The new funding will enable the company to accelerate its marketing strategy and deliver long-term growth across the business.
Based in Leeds, Pharmacy2U has established a state-of the-art dispensing hub, capable of dispensing up to 700,000 prescription items a month. Pharmacy2U offers a home delivery repeat prescription service for NHS patients, including clinical advice and assistance with medication management from qualified pharmacists.
The management team, led by Mark Livingstone (CEO), Gary Dannatt (CFO) and Daniel Lee (COO), has successfully integrated the two businesses, improved operational efficiencies and transformed the brand and marketing strategy. A newly re-designed website and a multi-channel marketing plan, including TV, Press, Radio and Online advertising, has doubled new patient registrations in the last 6 months with monthly prescription volumes more than doubling over the last 12 months.
With the continued push by the Department of Health to drive cost efficiencies throughout the pharmacy sector, Pharmacy2U’s model provides a scalable, cost-efficient model and is well placed to capitalise on the positive market dynamics.
Mark Livingstone said: “With BGF’s initial investment we were able to successfully merge two of the UK’s leading online pharmacists. BGF has provided us with counsel throughout the year and we are delighted to have secured further investment from them and other shareholders. We look forward to implementing our growth strategy and pioneering the most cost effective digital pharmacy service we can.”
Richard Taylor, BGF said: “We continue to be excited by the online pharmacy sector and in Pharmacy2u.co.uk we are backing the leading provider and strongest management team with a clear strategy for further growth. This deal is another example of BGF’s ability to follow our initial investments in the companies we back, and we are delighted to be providing continued support to the business.”