Pharmacist sells 14-strong chain to Alliance Boots
Oct 2 2007 by Andrew Mernin, The Journal
A PHARMACIST who founded one of the biggest independent chemist chains in the region has sold his empire to Alliance Boots after almost 30 years in business.
Phil Henderson, who founded 14 pharmacies across Northumberland and the Tyne Valley, has sold his firm for an undisclosed fee and now plans to invest in commercial property.
Mr Henderson, a qualified pharmacist who grew his business up from a single store in Bedlington in 1979, said the jobs of the 120 members of staff at Henderson Pharmacy were safe.
He also said he had no plans to return to the pharmaceutical industry in the future while he also ruled out early retirement.
The 57-year-old said: “I decided that the opportunity was there and the time was right to sell the pharmacy business that I’ve built up. I felt I’d given all I could possibly give and I didn’t feel I was equipped to take the pharmacy to the next level because of changes in the industry.
“I have a few commercial properties and I will hopefully make further acquisitions in property in the future – I’m not going to be a couch potato.”
The takeover deal was brokered by Tyneside law firm Ward Hadaway and the Newcastle branch of global finance group KPMG.
Andrew Scaife, associate director of corporate finance at KPMG, said: “This has been an extremely successful transaction which rewards Phil Henderson’s entrepreneurial skills and hard work.
“Through a carefully controlled auction process, we secured a good price for the business while Alliance Boots has gained an excellent asset to add to its high street portfolio in the region.”
The acquisition by Alliance Boots marks the latest expansion for the group which became a pharmacy giant with 2,600 UK stores in 2005 following the merger between Boots and Alliance UniChem.
Last January the firm announced its arrival in the Chinese pharmaceuticals market by unveiling a £38m tie-up with a state-owned group.
In June, the company was the subject of an £11.1bn buyout by US private equity firm Kohlberg Kravis Roberts.
The deal helped foreign takeovers of UK firms soar to a record £49bn in the second quarter of the year.
The company has since vowed to undergo a management overhaul after chief executive Richard Baker resigned following four years at the helm of the firm.
