Lloyds parent completes transition to new owner after multi-million sale

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Lloyds parent completes transition to new owner after multi-million sale

LloydsPharmacy parent company Mckesson UK announced earlier today that its sale to its new owners, private equity firm Aurelius Group, has completed. 

The completion of the sale “marks McKesson UK’s transition to a standalone UK business owned by, and with strong financial backing from Aurelius,” according to a statement issued this morning.

It was announced last year that Aurelius had paid £477m for the McKesson Corporation’s UK businesses, which in addition to LloydsPharmacy include wholesaler AAH, online prescription service LloydsDirect, LloydsPharmacy Online Doctor and the renowned central London pharmacy John Bell & Croyden.

It appears that the business will carry on the name of McKesson UK for the foreseeable future.  It said that it plans to “operate the whole of its businesses as normal and will continue its mission to become the UK’s leading omni-channel healthcare provider,” with Aurelius helping to “ensure a smooth transition” as it changes owner.

McKesson UK continued: “The new ownership will enable the business to expedite its business transformation strategy, including digital transformation, continuing our sustainability agenda, and building on our reputation as a trusted healthcare provider and partner for the NHS.”

The announcement comes a few days after the publication of LloydsPharmacy’s accounts for 2020-21, which reveal that in that period Lloyds lost £100m – a 40 per cent improvement on its losses the previous year – and axed over 70 stores while its online divisions grew rapidly.

McKesson UK chief executive Toby Anderson commented: “The acquisition of McKesson UK by Aurelius Group marks the start of a new and exciting chapter for our business. I

"t will enable us to be more agile, focused on UK partnerships and patients, and gives us the opportunity to build on the progress we have already made in delivering our business strategy.

"We are on a mission to become the UK’s leading omni-channel healthcare provider and our new relationship with Aurelius means we will reach that aspiration sooner. 

“Aurelius has a proven track record in helping businesses like ours reach their full potential, and they share our deep commitment to serving customers.

"Under their ownership, and with our strong leadership team, we’ll accelerate our business strategy to deliver a sustainable, profitable business, as well as enhancing the value and service we provide to our NHS partners, customers, and patients.”  

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