Deal For Pearn’s Pharmacies A Major Boost For Both Businesses
Corporate lawyers at Irwin Mitchell have advised Redditch-based Knights Pharmacy on the acquisition of the South Wales Pharmacy Group Pearns.
Founded by David Pearn in 1990, Pearn’s Pharmacies Limited operates 20 community pharmacies throughout the South Wales Region. Based in community and health centre settings, the family run group has enjoyed considerable success over a 30 year period. With David retiring, he was keen to find a buyer that shared his values, leading ultimately to the deal with Knights.
The Irwin Mitchell team has worked with Knights, also a family run business, for many years and this latest acquisition means the firm now owns and operates 90 pharmacies across England and Wales, now including the Pearn’s sites in Newport, Cardiff, Merthyr Tydfil and Swansea.
Established in 1984, Knights continues to grow its business via acquisition plans that have seen the firm acquire Vittoria Healthcare in 2017. The firm continues to expand its presence in the West Midlands, the North West and North Wales, making Pearn’s the perfect fit for the group.
Nick Dawson and Tom Wisniewski for Irwin Mitchell led on the corporate side of the deal. Colleagues Stuart McDonald and Gurpreet Hayer advised on real estate, while Akhil Sharma and Dan Campbell led on banking for the HSBC funded deal.
Expert Opinion“Supporting Knights in this latest acquisition was a real team effort and we are delighted to have supported them with this significant step towards their ambitious growth plans for the future.
“Both Knights and Pearn’s are very much family run concerns and the deal secures Pearn’s future and ensures the traditions and values of their founder will continue. This is a good news story for all concerned and for the South Wales communities served by Pearn’s.” Tom Wisniewski - Associate Solicitor
Commenting on the deal, David Pearn said: “After owning and growing this business for all these years, it was vitally important for me to find a company with similar values to my own.
“I am delighted to be handing the business over to Knights, another family business, who I have full confidence in to maintain the high standards and to serve their local communities.”
Anand Sodha, director at Knights, said: “We are excited to be working alongside the Pearn’s team. Pearn’s Pharmacies are located directly in the communities they serve and are run with the same shared family values as Knights.”