The BDO Corporate Finance team has provided M&A advisory, financial and tax due diligence and tax structuring services to PCT Healthcare Holdings Limited on its £80m acquisition of WR Evans (Chemist) Limited.
The acquisition sees PCT Healthcare (Holdings) Limited, an independently owned pharmacy chain providing community based pharmacy services, become the third largest independent pharmacy chain in the UK. The enlarged PCT Healthcare (Holdings) Group will continue to operate its 129 shops under the Peak Pharmacy, Tims and Parker, Manor Pharmacy and Cox and Robinson branding.
PCT Healthcare (Holdings) Limited is headquartered in Chesterfield and has historically operated pharmacies located around Derbyshire and the North West. Following the acquisition, these are now supplemented with the WR Evans (Chemist) portfolio whose pharmacies are based in Nottinghamshire and Derbyshire. The Group also has its own wholesale and distribution centre and employs over 1,400 people.
"This was a transformational acquisition opportunity for the shareholders of PCT Healthcare (Holdings) Limited and hence it was really important to me that we appointed advisers that understood our business and were hungry to get the deal done. There were many twists and turns on the way, but the team at BDO delivered on their promises and ensured the transaction completed. In my view, they went over and above what was expected and without them, I don’t think we would have the successful outcome we did".
Peter Cattee – Chief Executive Officer, PCT Healthcare (Holdings) Limited