Lloyds to close more stores as online business booms

Latest

Lloyds to close more stores as online business booms

In Latest

A "small number" of LloydsPharmacy stores may soon be closed due to the financial impact Covid-19 is having on the business, while its online pharmacy Echo continues to grow rapidly.

Parent company McKesson said in an August 3 call with shareholders that after a “very difficult quarter” that hit its UK business particularly hard further efficiencies would need to be made.

The call was held to discuss the company’s performance in the first financial quarter of 2020-21, a period in which revenues were down by five per cent compared to the same period last year.

While McKesson CEO Brian Tyler said the company as a whole was beginning to recover after a challenging April and May, investors heard that the pandemic has had a “greater impact on our UK operations than the rest of our European operations”. 

‘Small number’ of closures

LloydsPharmacy recently announced a major restructuring which could involve job losses, with a consultation currently underway on the proposals. The consultation began on July 20 and must by law last a minimum of 30 or 45 days depending on how many job losses are expected. 

Chief financial officer Britt Vitalone said these “restructuring actions” would “better position the business for future profitability,” adding that the company would be looking at “further rationalisation of our footprint in the UK”.

A McKesson UK spokesperson said the company was “proposing to close” a “small number” of pharmacies that “are no longer commercially viable for us to operate,” adding that it would seek to redeploy staff to other Lloyds stores wherever possible. 

‘Patients moving to digital' 

The announcement of more closures at LloydsPharmacy, which has shut over 200 stores since 2017, comes as demand for its online repeat prescription service continues to see rapid growth.

Mr Vitalone said in the investors’ call last week: “Revenues from our Echo business grew over 300 per cent from pre-pandemic levels and continue on a strong growth trajectory.”

The pandemic has presented an “opportunity to accelerate our transition to digital,” Mr Vitalone said, adding that the company was investing in capitalising on the “movement of patients to a digital environment”.

Record my learning outcomes

Latest

Inspiring stories related to health, fitness and the pursuit of wellbeing

Share:

More like this

bookmark_icon_off
Latest

NHSE: Pharmacy must speak 'as one' to gain power

Community pharmacies need to speak 'as one' to gain greater influence within primary care, a senior NHS England official has said. 

1 Min Article

bookmark_icon_off
Latest

IBS sufferers worried about return to workplace

People with irritable bowel syndrome are anxious about lockdown easing and the prospect of going back to the workplace contributing to their symptoms.

1 Min Article

bookmark_icon_off
Latest

GPhC too soft on corporate multiples claims PDA

The GPhC is disproportionately tough on individual registrants compared to pharmacy owners and premises, the PDA has claimed. 

1 Min Article

bookmark_icon_off
Latest

Nearly 90 per cent of adults would have tested positive for Covid-19 antibodies in June, says ONS

ONS estimates vast majority would have had antibodies in mid-June.

1 Min Article

bookmark_icon_off
Latest

NICE recommends mental health support for people with acne

Mental health support is key in managing acne vulgaris, says clinical watchdog.

1 Min Article

bookmark_icon_off
Latest

Boots opens flu jab bookings as demand soars

Boots says it has opened bookings for its winter flu jab service amid reports of soaring demand. 

1 Min Article

Recommended Learning

bookmark icon off
Sponsored education

Relief from the nasal symptoms of allergy

With NHS England advising that OTC products should no longer be prescribed to treat mild-to-moderate hayfever, pharmacy’s role in supporting sufferers is more important than ever. This module includes self-care advice and product recommendations to aid customer conversations.

5 Min Module

bookmark icon off
Sponsored education

Understanding abdominal pain, cramps and IBS

This short video explains the symptoms of irritable bowel syndrome (IBS) and how it differs from abdominal cramps to help you recommend a suitable product for your customer’s needs.

3 Min Module

bookmark icon off
Sponsored education

Managing dry eye and blepharitis

Discover the link between dry eye and blepharitis and learn how to help customers effectively manage these conditions.

10 Min Module

bookmark icon off
Sponsored education

VIAGRA® CONNECT at the Counter

Build your confidence in advising customers with erection problems so you can help make a real difference to their lives 

2 Min Module

bookmark icon off
Sponsored education

VIAGRA CONNECT®: eLearning for the pharmacy team

This module will help the pharmacy team to understand erectile dysfunction and its causes, and supply Viagra Connect to male customers affected by it, where appropriate

10 Min Module

bookmark icon off
Sponsored education

Pain conversations - making effective recommendations

Explore our detailed case studies to help understand how to advise customers on different causes of pain.

15 Min Module