Cullen Pharmacy in Moray has been acquired by MB Pharma with support from a six-figure funding package from Bank of Scotland.
MB Pharma has acquired the business and property from its previous owner as part of plans for subsequent acquisitions over the coming years.
Cullen Pharmacy is the first premises to be owned by MB Pharma’s director, Mark Buchan, who qualified as a pharmacist five years ago.
The takeover has secured the independent ownership of Cullen’s only pharmacy and preserved the jobs of eight local staff.
The new community pharmacist is now in the process of bringing various upgrades to the business, including an online presence, increasing the range of products on offer and introducing private services alongside other healthcare professionals.
Mark Buchan, director of MB Pharma, said: “After a long and challenging period of searching for a pharmacy, I’ve finally been able to purchase my own. It’s always been a long-term goal of mine, but securing finance and finalising a deal in the early stages of a healthcare career can be quite difficult. This move marks the beginning of the most exciting stage of my professional life so far.
“Bank of Scotland has been by our side throughout the entire journey, offering far more than just financial support. The advice received has helped navigate the competitive bidding process and sidestep the challenge of applying for a new pharmacy contract. In my efforts to grow MB Pharma I will continue to seek support from Bank of Scotland, adding more pharmacies to my portfolio in the coming years.”
Stew Denholm, relationship manager at Bank of Scotland, said: “It can be incredibly difficult for young, ambitious pharmacists to strike out on their own, especially as new retail units rarely come up on the market. Helping the next generation get their foot on the ladder is key to our work with the sector and local communities, and a big part of how we’re helping Scotland prosper.
“Bank of Scotland is dedicated to supporting Scottish businesses across all industries, from healthcare to construction. Alongside its offering of sector expertise, it has committed £1.6billion this year to help firms chase their goals.”