Co-operative Pharmacy has officially become part of the Bestway Group, a global business with interests in wholesale cash and carry, cement and banking.
The headquarters of the pharmacy business — the third biggest in the UK with some 770 branches and 7,000 staff — will remain in Manchester, Bestway announced as it completed the £620m takeover on 6 October 2014.
Under the terms of the takeover, Bestway will be able to continue trading under the Co-operative Pharmacy name for 12 months. Bestway expects to announce the new name of its pharmacy business by the end of March 2015.
“Since announcing the transaction, we have continued to be impressed by the business which has carried on performing strongly, operating ahead of budget,” Bestway Group chief executive Zameer M Choudrey said.
He added that Bestway was working with the Co-operative’s senior management to keep any disruption to a minimum.
The Co-operative Group put its pharmacy business up for sale in February 2014.