Insolvent NHS pharmacy chain Medipharmacy has been bought out by rival Enimed, in a deal that saves 150 jobs and 25 sites in London and the surrounding counties.
Administrators at FRP took over and sold Medipharmacy last week, after the business was forced to enter administration. They then sold the business to PI-Gen, which itself is an arm of independent pharmacy group Enimed.
An FRP spokesperson said that Medipharmacy had “faced increasing cashflow challenges in recent months”.
Medipharmacy has 25 total locations, including eight in Greater London. Its other operations are in Kent, Surrey and West Sussex. The Greater London locations are in Ealing, Wandsworth, Putney, Ilford and Raynes Park.
Tony Wright, partner at FRP and Joint Administrator of Medipharmacy Limited, said: “It has been a priority for us to ensure the continuation of services for local communities amidst what is a turbulent period for the wider pharmacy sector. We’ve worked quickly to find a viable solution to take the Medipharmacy stores forward and support its customers.
“We wish the management team and employees all the best for the future.”
Figures published earlier this week showed that 2023 was the worst year for corporate insolvencies in the UK since 1992, beating any year of the global financial crisis. There were a total of 25,158 corporate insolvencies in 2023. Retail, hospitality and leisure were among the most affected sectors. Compared to the year before, there was an 18% increase in insolvencies in the retail sector and almost 28% increase in hospitality and leisure.
