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Day Lewis Pharmacy is open all its stores being ‘co-owned’ with pharmacists, the individual in charge of a joint venture programme launched by the chain last year has said. 

Speaking to P3pharmacy in June, Day Lewis' joint venture business manager Katie Hammond said: “There’s no limit on it – we think it’s the way forward."

Ms Hammond said the nearly 20 branches that are currently co-owned between the company and pharmacists – who may purchase anything from five per cent up to 49 per cent of the store and pocket a corresponding share of its profits – are “outperforming the rest of the Day Lewis estate”.  

She explained: “When someone becomes financially invested, they've almost got a sixth gear that they're prepared to go to.

“People start to think outside the box, [asking themselves] what else can I do for my community, what else can I do to drive the business and increase revenue?

“I think it's a real win-win situation for Day Lewis and the partner; it's allowing them to invest.”

She said that on average co-owners are purchasing 10-20 per cent “with the intention of perhaps purchasing a bit more in a few years’ time when they’ve built of a bit more capital”. 

Ms Hammond said there are “a lot of pharmacists out there” who would like to own their own pharmacy but “perhaps don't have the capital, or maybe don't have the confidence to just go out on their own”.

At present, all pharmacist co-owners were Day Lewis employees before taking part in the scheme, but since November it has been open to people outside the business.

Ms Hammond said she expects external applicants to be “much more demanding of us and our support office and resources than our existing pharmacists” but she added that “we don’t see this as a challenge”. 

Asked what key attributes Day Lewis looks for in a potential partner, she replied: “I think it's important to have enthusiasm and motivation and to think outside the box.

“We're open to all of our partners coming to us with new ideas. For example, we've got a few partners who say they really want to get into aesthetics and offer treatments like Botox. 

“We want all of our partners to get really excited about what else they could potentially be offering in their pharmacy, rather than just thinking within the realms of what's being offered on the NHS.”

Read more: Day Lewis executive director Jay patel on his brush with death