Clearwater International advises Chemist chain Day Lewis Group on €200m funding


Clearwater International has advised the shareholders of Day Lewis Group, one of the largest pharmacy chains in the UK and Europe, on €200m of investment from a number of banking partners.

The family-owned business currently owns 277 sites across the UK and is aiming to build up to more than 400 by 2021 alongside doubling its revenue, which was €335m in the year to 31 March 2015. The group is currently the fifth largest multi-pharmacy chain in England, employing 2,400 people and plans to expand internationally within four years.

The company has secured the €200m funding facility with a potential to extend to €265m. This will enable the business to consolidate a number of sister companies into the group as well as funding acquisitions. The NHS dispensing and services it provides are the main revenue streams, and prescription dispensing has grown by 36% in the past year. The financial package has been provided by a consortium of banks, including Lloyds Banking Group, RBS, HSBC, Barclays and Santander.

Clearwater International advised Day Lewis, led by partner Chris Smith with support from associate director Helen Lowe and associate Dan Rossington.

“We are delighted with the funding package that we have secured which will allow us to continue expanding the Day Lewis pharmacy network towards our five year target of 400 pharmacies within the UK. Current market dynamics create a number of opportunities for Day Lewis and with the help of our funding partners we look forward to an exciting period of growth ahead. Clearwater International have been excellent throughout the process and we would recommend their debt advisory team to anybody looking to secure funding for their business.” 

Sam Patel, director, Day Lewis Group, said

“We are delighted to have supported Day Lewis in securing a flexible funding package that will allow the group to support its working capital needs and execute its ambitious growth strategy. Day Lewis holds an excellent position in the market as the UK’s leading independent pharmacy chain and is well positioned to continue to grow with the support of its five funding partners.” 

Chris Smith, partner, Clearwater International added