Clearwater International advises chemist chain Day Lewis Group on €200m funding
Clearwater International has advised the shareholders of Day Lewis Group, one of the largest pharmacy chains in the UK and Europe, on €200m (£160m) of investment from a number of banking partners.
The family-owned business currently owns 277 sites across the UK and is aiming to build up to more than 400 by 2021 alongside doubling its revenue, which was €335m (£264m) in the year to 31 March 2015. The group is currently the fifth largest multi-pharmacy chain in England, employing 2,400 people and plans to expand internationally within four years.
The company has secured the €200m (£160m) funding facility with a potential to extend to €265m (£210m). This will enable the business to consolidate a number of sister companies into the group as well as funding acquisitions. The NHS dispensing and services it provides are the main revenue streams, and prescription dispensing has grown by 36% in the past year. The financial package has been provided by a consortium of banks, including Lloyds Banking Group, RBS, HSBC, Barclays and Santander.