DAVIDSONS IN MULTI-MILLION PHARMACY ACQUISITION

Chartered Accountants Wylie & Bisset has deployed its pharmacy sector expertise to facilitate the multi-million-pound disposal of Newfield (Dundonald) to Davidsons Chemists.

With a turnover of almost £5m and a staff of 60 across six pharmacies in Kilbarchan in Greater Glasgow & Clyde, and Crosshouse, Dalry, Dreghorn, Dundonald and Symington in Ayrshire, the acquisition of 30-year-old Newfield (Dundonald) takes the Davidsons estate into new territories.

Laura Smith, Partner and Head of Healthcare at Wylie & Bisset (pictured), said: “Our specialist expertise within Scotland’s buoyant healthcare sector, together with our full-service firm offering, meant that we could offer a range of corporate finance, tax planning and accountancy services and advice while conducting negotiations of the sale entirely in-house.

“This allowed straightforward and efficient communication and continuity for our client and resulted in the deal concluding within six months of reaching out to potential buyers. 

“The timing of the deal was driven partly by market dynamics, with the post-pandemic pharmacy sector ripe for a rise in M&A activity.”

Marshall Illingworth, Managing Director, Newfield (Dundonald), said: “Laura, Matthew and their colleagues from Wylie & Bisset have been instrumental in achieving the sale of Newfield (Dundonald) to Davidsons Chemists.

“From the initial planning stages, their knowledge of the pharmacy sector and networking ability allowed rapid progression from the outset. 

“Solid and frank direction was given when discussing the complexities of the company, not only with the pharmacy business but also with the property portfolio contained within it.”