Clearwater International advises Lexon on refinancing to aid growth strategy

Clearwater International has advised Lexon, a leading supplier to independent pharmacies across the UK on a multi-million pound refinancing deal which will help the business reach its growth targets in 2022 and beyond.

Redditch-based Lexon, which also has distribution centres in Leeds, Durham and Dublin, supports thousands of independent pharmacies and was established in 1995.

The £60m (€71m) asset backed lending facility with HSBC UK will support the business in its growth strategy across the board, including capital expenditure in areas such as new tech and facilities to drive business development.

Lexon, a family owned and managed business, also operates its own range of pharmacies - Knights Pharmacies - and a generic drug manufacturer - Key Pharmaceuticals. Staff figures total more than 1,200 across the operations.

Over the past 24 months, the company has assisted the frontline fight against COVID-19, working with its pharmacy partners, as well as hosting multiple vaccination centres across the country.

Its most recent turnover was £240m (€284m).