McKesson Corporation sells LloydsPharmacy and other businesses in the UK and Europe

Consumer

McKesson Corporation is moving their attention to investing outside of Europe, not only selling its UK businesses to Aurelius, but also selling multiple European based businesses in countries such as France, Portugal, Ireland and Slovenia. One of the UK businesses set to be sold is LoydPharmacy, which has approximately 1700 staff and almost 1500 UK stores. The closures and sales are set to be completed next year (2022).

The Mckesson Corporation claimed the change is “another important step in advancing McKesson’s commitment to streamline the business and fully exit the European region”.

“We are extremely proud of the role that our business has played to advance better healthcare in the UK, and especially the work during the pandemic to ensure that patients continue to have access to needed medicines, and to assist the NHS with the distrib“

CEO of McKesson, Brian Tyler, said “We are extremely proud of the role that our business has played to advance better healthcare in the UK, and especially the work during the pandemic to ensure that patients continue to have access to needed medicines, and to assist the NHS with the distribution and administration of COVID-19 vaccines. As we explore strategic options to fully exit Europe, this transaction provides our UK operation with the best path forward to achieve its long-term growth potential, while allowing McKesson to focus future investments in strategic growth areas outside of Europe.”

Paul Day, director of the Pharmacists’ Defence Association (PDA), said “Pharmacists employed by McKesson UK companies are an incredible asset to the new owners, and we encourage them to invest in pharmacy and realise the value in utilising their workforce to its full potential as the most available part of the NHS, embedded in the heart of the community the nature of acquisitions is that the purchasers believe they can get extra value from the business and the fear of acquisitions, especially by private equity, is that this is attempted through cuts and closures. However, an alternative strategy is to invest and improve, and the PDA hope to work positively with LloydsPharmacy management to improve the operations of LloydsPharmacy, so that well-resourced, well-managed branches can bring Aurelius the profits they need while simultaneously improving the experience of pharmacists and patients.”

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