Day Lewis secures £63m refinancing with RBS and The Co-operative Bank

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Clearwater Advisor

Press Release

Headquartered in Croydon, Day Lewis has 195 local community pharmacies across the country, making it the UK’s largest independent pharmacy chain. The Group was founded by Kirit Patel in 1975 and remains a family-owned business today. Kirit is a highly respected member of the pharmacy community and has received an MBE in recognition of his service to the industry. Under Kirit’s leadership the business has developed an outstanding reputation in the market for customer service, quality of advice and its core purpose to help people in the community stay healthy and feel better.

Clearwater International’s team, led by Debt Advisor Partner Chris Smith and Healthcare Partner Andy Moore and supported by Senior Healthcare Analyst Ramesh Jassal, began working with the business in early 2011. The remit was to help management secure Day Lewis the most suitable banking partners and the most appropriate funding structure possible to achieve its medium term growth strategy. Early conversations with RBS, Day Lewis’ existing bankers, enabled an extension to current facilities to allow sufficient time to launch the correct refinance process for the business while also tidying up the company structure through a refinance of property assets.

“We are delighted to have agreed our new debt facility and develop a long term funding partnership with RBS and The Cooperative Bank. The funding we have put in place will provide a solid foundation for further growth of the Day Lewis Group both organically and through further acquisitions. Historically Day Lewis dealt with these matters in house, however we found Clearwater International’s advice and support during the process invaluable in navigating what has become a complicated and challenging debt market. I wouldn’t hesitate in recommending Clearwater International to other company’s considering a refinance and intend to use Clearwater to advise Day Lewis on future transactions.”

Kirit Patel, CEO, Day Lewis