Bestway, the new owner of the Co-operative Pharmacy, released its financial results for 2015 showing turnover for its new division “slightly exceeded expectations”.
The pharmacy section — since rebranded as ‘Well Pharmacy’ — saw revenue for the nine months ended June 2015 reach £583m, with profit before tax of £14.6m. Bestway did not say what its financial expectations were.
Bestway acquired the Co-operative Pharmacy in the UK for £641.3m in October 2014. Well Pharmacy is the UK’s third largest retail pharmacy and is an important part of a new diversification strategy for Bestway.
The last full year results from the Co-operative Pharmacy division before being sold off saw 2013 sales reach £760m, with an operating profit of £33m.
The main focus since the acquisition has been separating the business from The Co-operative, as well as re-branding all 795 pharmacy branches under the new name.
In a statement, Bestway said the majority of the separation process “has been completed”, adding that it expects “final separation activities to be completed by the end of December 2015”.
During the year, £5.9m was invested in separating and restructuring the business post-acquisition — a sum that would have eaten into Well Pharmacy’s profits.
“The past financial year has been very exciting for the group,” said Zameer Choudrey, Bestway’s chief executive. “Despite difficult business conditions we have maintained our focus on our strategic goals by increasing turnover and market share of our businesses both in the UK and in Pakistan.”