Member Article

Leeds-based online pharmacy secures £7m investment boost

Pharmacy2u, the Leeds-based online pharmacy, has sealed a further £7m investment from Business Growth Fund as it looks to grow out its home delivery service.

The business, which secured £10m of initial funding from BGF ten months ago to support its merger with ChemistDirect.co.uk, is set to ramp up its marketing efforts and is targeting long-term growth now that it boasts the largest customer base of any UK digital pharmacy business.

Led by Chief Executive, Mark Livingstone, CFO Gary Dannatt and COO Daniel Lee, the NHS-approved online pharmacy has developed its prescription distribution network from its distribution hub, which it claims can dispense up to 700,000 prescription items a month.

Following the latest funding round, Livingstone commented: “With BGF’s initial investment we were able to successfully merge two of the UK’s leading online pharmacists. BGF has provided us with counsel throughout the year and we are delighted to have secured further investment from them and other shareholders.

“We look forward to implementing our growth strategy and pioneering the most cost effective digital pharmacy service we can.”

Richard Taylor at BGF said: “We continue to be excited by the online pharmacy sector and in Pharmacy2u.co.uk we are backing the leading provider and strongest management team with a clear strategy for further growth.

“This deal is another example of BGF’s ability to follow our initial investments in the companies we back, and we are delighted to be providing continued support to the business.”

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