Thu, 30 Jul 2015 | BUSINESS SALE
Sainsbury's has sold its pharmacy business in a deal valued at £125 million.
The supermarket has sold its 281 pharmacies to Celesio, the owner of Lloyds Pharmacy chain.
Once the details of the transaction have been ironed out, Lloyds will step in and rent out the pharmacies in Sainsbury's. They will run the 277 in-store points and the four hospital locations, with all 2,500 Sainsbury's pharmacy staff transferring to Lloyds.
Chief executive of Sainsbury's, Mike Coup, commented on the business sale: “Working together with a specialist operator like Lloyds Pharmacy will enable us to grow and extend our pharmacy services to customers, whilst realising value for shareholders today from the pharmacy business we have grown organically over the last 20 years.”
The deal comes just a week after Sainsbury's raised £500 million through bond issues and has sparked further speculation that the company might be looking to buy out a chain or group of stores to expand its convenience store brand, Sainsbury's Local, or Netto, its discount joint venture.
Celesio AG chairman Marc Owen said that the sale is also an “important milestone” for Celesio as the company continues to “invest in Lloyds Pharmacy and our collaboration with Sainsbury's will help to improve the health and wellness of our mutual customers”.
View other businesses for sale
The business for sale is a popular, independent builders’ yard/supplier specialising in a wide range of building products. Offers invited.
LEASEHOLD
This is a fantastic opportunity to acquire a long running and well-established joinery business currently serving the London area. Offers invited.
LEASEHOLD
Specialises in comprehensive dust and fume extraction solutions, providing tailor-made designs, installations and support services. Offers invited.
LEASEHOLD
|
26
|
|
Mar
|
Craft beer company goes under | ADMINISTRATION
With stores in London, Canterbury and Margate, craft beer me...
|
25
|
|
Mar
|
West Midlands transport company enters administration | ADMINISTRATION
The company behind the Ring and Ride services throughout the...
|
22
|
|
Mar
|
Scunthorpe nightclub up for sale | BUSINESS SALE
A former nightclub based in Scunthorpe has been put up for s...
Sign up to receive our acquisition alert emails to get your FREE guide
|
03
|
|
Feb
|
J Sainsbury's succeeds in buying Argos' owner | BUSINESS SALE
J Sainsbury's can celebrate now that it has secured Arg...
|
02
|
|
Feb
|
Sainsbury's puts forward £1.3bn offer for Argos owner | BUSINESS SALE
Sainsbury's has been circling the Home Retail Group, ow...
|
14
|
|
Jan
|
Homebase to be purchased by Wesfarmers | DIVISION SALE
Home Retail Group is nearing a sale of its DIY chain to Wesf...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources