Press Releases

LEICESTER PHARMACY CHAIN SIGNS A PRESCRIPTION FOR SUCCESS

A Leicester-based pharmacy chain has bought new executive premises, tripling its square footage, using a six-figure loan from Lloyds TSB Commercial.

Established in 1988 as a walk-in pharmacy, Yakub Chemist has grown into one of the leading pharmacy healthcare providers in the Midlands, having doubled its annual turnover in the last year.

The business provides an online pharmacy - Medicines2u.com - dispensing medicines and nutritional supplements to customers internationally, a private patient home delivery service and a comprehensive care home medication management service.

The £350,000 mortgage provided by Lloyds TSB Commercial’s Healthcare Banking team will enable Yakub Chemist to continue its expansion and focus on new ways of delivering medication to over 40 care homes across Leicestershire. This will include substantial improvements to the administration processes – making systems more streamlined for care homes and enabling the delivery of antibiotics within three hours.

The larger premises - which are located on Hamilton Office Park and facilitated by local selling agents Mather Jamie - also give Yakub Chemist the facilities to provide free training for care home staff on site.

Currently employing 21 people, the business expects headcount to rise to 30 by the end of 2011.

Mohammed Yasin, Business Development Manager at Yakub Chemist, said: “The last year has been our strongest yet following the launch of our wholesale division, also with backing from Lloyds TSB Commercial, which was key to us doubling our turnover. We are looking to build on this success by revolutionising the way care homes receive services from pharmacies

“The new 3,000 square-foot, two-storey premises are located in an newly developed commercial area and provide us with the space that we need to expand our service provision.

“We’ve been working with Lloyds TSB Commercial for over 20 years now as they understand our business and have continued to support our ongoing expansion. This most recent lend will enable us to provide valuable advice and expertise to local pharmacies across the region.”

Phillip Bateman, relationship manager for Lloyds TSB Commercial, said: “Yakub Chemist is an ambitious company with a strong business model.

“We work closely with Mohammed and the team to make sure that we understand the business’ fundamental short and long-term plans so that we can put in place a strategy that will help them achieve their goals.

“At Lloyds TSB Commercial we are committed to supporting the healthcare sector and have a team of specialists on hand that understand the complex nature of industry and look forward to working with Yakub Chemist in the future.”

Reg Pollock, Mather Jamie, added: “The Hamilton Office Park Units have proved very popular as they benefit from excellent road links, well designed modern office accommodation and plenty of parking for employees and visitors.”