Croydon-based Day Lewis Plc, Europe’s largest independently owned pharmacy chain with 195 outlets and over 1,300 staff across the UK, is to continue its acquisition-led growth with a £68.3m facility from a banking club led by Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB).
Day Lewis is one of RBS CIB’s strongest and longest-standing relationships in the South East, having been a client for the past 37 years. During this time, founder Kirit Patel MBE and his management team have developed the business from an initial acquisition of two pharmacies to a major regional business with a complementary warehouse and logistics operation. The business posted a group turnover of £178m for 2011, with post-tax profit up 68% to £6.14m, and has recently featured in The Sunday Times Grant Thornton Top Track 250 league table. Day Lewis is looking to continue its success with further deals – it has recently agreed three further acquisitions.
Kirit Patel is a highly respected member of the pharmacy community and received an MBE in recognition of his services. He is a member of the Pharmaceutical Services Negotiating Committee, previous chairman of the National Pharmaceutical Association, former treasurer of the Royal Pharmaceutical Society of Great Britain and founder member of the Association of Independent Multiple Pharmacies.
RBS CIB, comprising Colin Crisp, Corporate Director, South East and David Moxham, Director, Structured Finance worked with Day Lewis over an extended period to develop and deliver a funding package to meet the company’s strategic objectives. In addition the Cooperative Bank was introduced as a club partner in the £63.3m senior debt package which was split equally between the two Banks along with an additional £5m of acquisition capacity.
"Day Lewis continues to go from strength to strength due to our family culture and our, strong focus on putting our customers and staff first. We have a clear strategy in place for growth and I’m delighted with the input and business support from the Royal Bank of Scotland in helping us deliver our strategic aspirations. "
Kirit Patel MBE, Founder and Chief Executive of Day Lewis Plc
"Royal Bank of Scotland is delighted to continue our relationship with Kirit and his team and proud to support this high profile, successful, and significant business. The refinancing marked the culmination of an extensive exercise and at the same time the start of the next chapter in this longstanding relationship."
David Moxham, Director, Structured Finance Corporates - South, RBS CIB