Clydesdale Bank, one of the UK's best performing business banks, has completed a £20m deal that will see Scotland's largest independent pharmacy business acquire a further 15 outlets.
The Munro Group has now completed the takeover of 13 retail stores acquired from Alliance Boots plc with a further two independent pharmacies due to be added to the Group's portfolio by the end of April 2007.
The East Kilbride-based company - which was founded by Executive Chairman Donald Munro in 1959 and employs more than 400 people throughout Scotland and Northern Ireland - now boasts a pharmaceutical wholesale division with four depots across the Central Belt, the North of Scotland and Northern Ireland; and a 31-strong community pharmacy chain throughout Scotland.
Jack Ogston, Head of Acquisition Finance, Scotland at Clydesdale Bank commented on the project:
"The Munro Group has been a customer of the Bank for more than 40 years, and supporting local indigenous businesses - from nurturing and supporting their ambitions, to raising finance and helping them to meet growth plans - is something that Clydesdale is fully committed to."
Following the purchase of these 15 pharmacies, the Munro Group - with assistance from Clydesdale Bank - hopes to grow its retail business to 50 outlets throughout Scotland by December 2008 to coincide with 50 years of trading.
John Cochrane, Managing Director of the Munro Group added:
"These acquisitions are just the start of our ambitious growth plans for the future, and we're confident this deal will pave the way for us to grow the business further and extend the Munro brand throughout Scotland. We have worked closely with the Clydesdale throughout this particular acquisition programme and have been delighted with their efficiency and professionalism."