In News

Follow this topic

Bookmark

Record learning outcomes

The M&D Green Group of pharmacies in Scotland has bought nine stores from Northern Ireland-based N.R. Gordon Ltd, taking its estate in Scotland to 42 branches. 

M&D Green, which was founded by managing director Martin Green in 1996 and in the year to April 2024 had revenue of £67.4m, was advised by Azets and Blackadders LLP on the multi-million pound deal. 

The nine pharmacies dispense a combined average of 82,600 items per month. With the sale, former owners Gordon Chemists are exiting the Scotland market completely to focus on their Northern Ireland business. 

Mr Green said: “We are a family business that has grown across Scotland by serving local communities with the services they want and need. 

“Gordons Chemist, which is a perfect fit for the M&D Green Group, has a well-established reputation of providing high quality, professional healthcare to the patients and communities where their pharmacies are located and we will continue this good work and build upon the range of services offered and extend access to more patients. 

“The Gordons Chemist brand will continue its strong presence in Northern Ireland.” 

Mr Green said he looked forward to “introducing the 100 staff at Gordons into the 650-strong workforce at M&D Green,” adding that the company aspires “to further develop a highly skilled workforce” and introduce technology to make it easier for patients to order prescriptions. 

Grant Bett, corporate relationship director at HSBC, commented: “I am delighted HSBC have further backed Martin Green and the M&D Green Group with this latest major acquisition with additional funding support as well as refinancing our existing debt facilities for a longer period.” 

Mr Bett said HSBC has “now supported 24 acquisitions in [M&D Green’s] ambitious growth journey”.

Robert Gordon, co-founder of Gordons Chemists, commented: “This decision allows us to refocus our business on our home market, ensuring that we retain our position as Northern Ireland’s leading independent pharmacy chain while continuing to develop and grow our local business. We have expressed gratitude to our valued colleagues in Scotland and wish them, and all at M&D Green, our best wishes for the future.”

Karl Clezy of broke Christie & Co, which handled the sale, said: “This size of pharmacy deal in Scotland is a rarity as very few groups this size come to market. We acted on behalf of Gordons Chemists to run a discreet process. After agreeing on the deal with Martin during the middle of December last year, after a short financial due diligence exercise, Martin moved quickly to conclude the deal.”