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LloydsPharmacy owner McKesson in talks to sell high street giant

Business / Wed 17th Feb 2021 at 07:00am

THE American owner of the LloydsPharmacy chain is in talks to sell one of Britain’s biggest drug retail and wholesale groups amid warnings about the industry’s future financial viability.

Sky News has learnt that McKesson, a New York-listed group with a market value of $29bn, has hired bankers to explore a sale of its UK operation.

City sources said that bankers at Barclays were working with McKesson on a disposal of the business and had begun contacting prospective bidders in recent weeks.

The LloydsPharmacy estate was assembled over decades through the absorption of prominent industry names such as Savory & Moore, Cross & Herbert, Kingswood GK and Hills Pharmacy.

In 2016, the company bought Sainsbury’s network of nearly 300 in-store chemists.

There is a Lloyds Pharmacy warehouse in The Pinnacles, Harlow. Recently, there has been concerns regarding re-negotiated contracts.

LloydsPharmacy became part of McKesson in 2014, when the American group bought Celesio in a £5bn deal.

As a consequence of that takeover, McKesson also became the owner of All About Health (AAH), the UK’s biggest drug wholesaler, which distributes more than 15m items each week to 14,000 community pharmacies across the country.

The full article is below.

https://news.sky.com/story/lloydspharmacy-owner-mckesson-in-talks-to-sell-high-street-giant-12219858?dcmp=snt-sf-twitter

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