Browne Jacobson supports HSBC's pharmacy expansion

Browne Jacobson has played a pivotal role in enabling Knights Pharmacy to secure an eight-figure funding package from HSBC UK. This financial backing will support Knights Pharmacy's strategic acquisition of 24 pharmacy stores from Avicenna Retail, broadening its operational footprint across South Wales. The initiative is part of a larger effort aimed at increasing accessibility to healthcare services. Following this acquisition, Knights Chemists will manage over 70 pharmacies throughout England and Wales, projecting a 35% increase in turnover within the forthcoming year.

Earlier this year, Knights Pharmacy earned recognition in the Financial Times 1000 list, which highlights Europe’s fastest-growing companies. The firm showcased remarkable growth, achieving a 51.7% increase in turnover from 2020 to 2023.

The Browne Jacobson team, led by Partner Paul Ray and supported by Senior Associate Patrick Berry and Partner Vicky Tomlinson, played an instrumental role in this funding deal. Paul remarked “We are proud to have supported HSBC UK in a funding package that will help Knights Pharmacy to achieve its stated aim of tackling one of society’s biggest issues by making healthcare more accessible.” He further noted, “This is a great example of the types of businesses we love to work with – supporting both household names and the most ambitious companies on a rapid growth trajectory.” He also highlighted the firm's understanding of both public and private sectors, which he believes enhances their capability in the healthcare sector.

Partho Bose, Relationship Director at HSBC UK, expressed his enthusiasm, stating “We've worked closely with the team at Knights Pharmacy for several years, supporting growth across England and Wales. The company’s drive and community-centred approach aligns with our desire to back ambitious businesses. We’re excited to see the positive impact the move will have across local communities at South Wales and extend our thanks to Browne Jacobson for its trusted support along the way.”

Knights Pharmacy, founded in 1984, is a family-owned business that has developed roots in the West Midlands and South Wales. The recent acquisitions are expected to enhance patient access to a broader range of clinical care, upgraded digital systems, and a dedicated team focused on delivering high-quality services. Notably, all 240 existing staff members will be retained across the newly acquired sites, ensuring continuity of service in the key community locations within the Rhondda and Cynon Valleys.

Anand Sodha, Managing Director at Knights Chemists, conveyed his excitement about the acquisition, stating “I’m incredibly pleased to be welcoming new pharmacies in Wales into the Knights family. These are well-respected community pharmacies with strong local roots, and this expansion reflects the trust we have in our teams across Wales, both existing and new. Most importantly, it allows us to serve even more patients in the Valleys with the care and consistency they deserve.”