Beringea makes further investment in Community Pharmacies (UK) Ltd
(Posted on 21/06/12)
Beringea, the international venture capital investor, today announced that it has made a further investment in Community Pharmacies (UK) Ltd (“CPL”) which is fast becoming the UK’s leading specialist pharmacy operator working in partnership with GP Practices. Having quickly achieved their first year openings targets and with a strong pipeline of new pharmacy opportunities in place Beringea have provided further funds from the ProVen VCTs to enable CPL to achieve its full potential.
Commenting on the deal, Stephane Mery, Beringea Investment Director, said: “With the roll out of new joint venture pharmacies progressing well, we are delighted to be able to provide further support to enable the team to continue to grow the business. With nearly £2million pounds invested to date by Beringea, the support of a leading bank and a strong pipeline of new pharmacies behind them the team are well placed to build a business of significant scale and one that provides a unique and innovative model in a changing market place.”
Andrew Murray, CEO of Community Pharmacies (UK) Ltd, said: “Having the continued support of Beringea through the provision of additional funds for expansion is further evidence that our JV model is right for this market. We are now working with over 50 GP practices interested in our joint venture model. We are confident that wherever we open pharmacies, as a result of closer integration we will make a positive impact on health outcomes. As a business we are well placed to work closely with GPs through the new Clinical Commissioning Groups as well as Local Authorities in the provision of local healthcare services."
About the Proven VCTs
The ProVen VCTs (ProVen VCT, ProVen Growth & Income VCT, Proven Health VCT and ProVen Planned Exit VCT) are funds raised under the government’s Venture Capital Trust scheme for supporting UK SMEs. The Original Ordinary shares of ProVen VCT and ProVen Growth & Income VCT are the highest performing VCT shares of their respective launch years, according to www.taxefficientreview.com.