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Yorkshire pharmacy group expands with seven-figure refinance loan

Pharmacy News

Yorkshire pharmacy group expands with seven-figure refinance loan

Yorkshire-based pharmacy group Pharm-Assist has expanded its portfolio using a seven-figure loan.

The company decided to build on its existing footprint in the Seacroft and Halton areas of Leeds by acquiring the Priory Pharmacy in Cornlands Road in York using a refinance loan from Unity Trust Bank.

Pharm-Assist is owned by Ashley and Nikki Cohen (pictured), who now employ more than 60 members of staff. Their latest acquisition, a 100-hours pharmacy collocated with a GP surgery, was previously managed in a joint venture with GPs.

Mr Cohen said: “Our GP partners decided to sell their pharmacy shares but when I approached my previous bank about buying the Priory Pharmacy they put the figures through credit control and the computer said ‘no’.

“That’s when I approached Unity Trust Bank because they have a real appetite for supporting the pharmacy sector.

He added: “I’m a qualified pharmacist but I’ve always been business minded.

“After working in the NHS and commercial healthcare sector I wanted to create a pharmaceutical society that provided something different.

“Pharm-Assist has become a bit of a hub and as well as supplying medication, our staff carry put clinical work for clients and provide training, advice and support.

Michael Wicks, relationship manager at Unity Trust Bank, said: “As a bank that is committed to supporting frontline healthcare operators, we are delighted to assist Ashley and Nikki in their latest acquisition.

“Pharm-Assist provides an impressive package of services in local communities which help some of the most vulnerable members of society and reduce the pressure on GP practices.”

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