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The law firm that advised HSBC on the financing deal which helped Knights Pharmacy buy 24 pharmacies from Avicenna Retail has said the deal will increase Knights’ turnover by 35 per cent in the next 12 months.

In a statement today, Browne Jacobson said the eight-figure funding deal will see the pharmacy chain broaden “its operational footprint across South Wales” and increase its portfolio of branches to 70 across England and Wales.

It is understood Knights, which has pharmacies in the West Midlands as well as South Wales, will retain all 240 members of staff in the 24 Avicenna branches in the Rhondda and Cynon Valleys.

Paul Ray, a partner at Browne Jacobson who led the talks with HSBC, said: “We are proud to have supported HSBC UK in a funding package that will help Knights Pharmacy to achieve its stated aim of tackling one of society’s biggest issues by making healthcare more accessible.

“This is a great example of the types of businesses we love to work with, supporting both household names and the most ambitious companies on a rapid growth trajectory. 

“As a firm with a deep understanding of both the public and private sectors, a strength that provides us with a particularly useful vantage point in the healthcare industry, we’re also able to leverage this experience when taking deals to completion.”

Knights Pharmacy managing director Anand Sodha said: “I’m incredibly pleased to be welcoming new pharmacies in Wales into the Knights family. These are well respected community pharmacies with strong local roots and this expansion reflects the trust we have in our teams across Wales, both existing and new.

“Most importantly, it allows us to serve even more patients in the Valleys with the care and consistency they deserve.”

Partho Bose, the relationship director at HSBC UK, said he was “excited to see the positive impact” Knights’ acquisition of Avicenna’s branches will have on local communities across South Wales.

“We've worked closely with the team at Knights Pharmacy for several years, supporting growth across England and Wales,” he said. “The company’s drive and community-centred approach aligns with our desire to back ambitious businesses.”

Independent Community Pharmacist has contacted Knights Pharmacy for more details.