INTERVIEW
and we all saw this as a fantastic opportunity.
“When Well was bought by Bestway, we were seen as a very attractive and highly profitable element of the Co-operative group’s portfolio. We are a strong business with a heritage grounded in the community and we intend to maintain these important characteristics as we move into the future with our new brand, Well.”
The re-launch marks the start of a £200million injection by Bestway Group for an investment programme that will drive growth and create 100s of jobs across Scotland and the rest of the UK.
There are currently fifty Co-operative pharmacies throughout Scotland. The launch and re-brand of 780 Co-operative Pharmacy branches to Well, separates the business from previous parent company; and kick- starts a five-year expansion strategy. There is planned capital investment of £40m per annum, with a major recruitment and expansion drive to support the growing demand for primary healthcare services in local communities.
“We are investing £200m into the business, which translates to £40m a year for the next five years,” John continues. “Our investment plans will not be done on a region by region basis. However we are committed
to becoming the preferred local pharmacy in the communities that we serve.
“Delivering our health and wellbeing service in Scotland is extremely important to us. At the moment, Scotland represents around 10% of our customer base, and any investment will be reflective of this.”
CREATING GREATER CHOICE Well aims to facilitate increased access to high quality pharmacy services that deliver improved health and support the NHS. In driving more people to use Well pharmacies, the group plan to save customers visits to their GP, local hospital A&E, as well as helping them make healthy lifestyle changes.
As well as dispensing prescriptions and over-the-counter medicines, Well’s professional pharmacists provide personalised healthcare services and products so that every customer can make the most of their health.
So what services will Well offer, that Co-operative doesn’t? “We are looking to expand into the wholesale (B2B) sector,” John explains. “In addition, we will be launching new services in the care home sector and expanding our current portfolio in this area.
“Our expert pharmacists are highly qualified to help us to increase services that support the NHS. This includes
The transition from Co-operative to Well – A History
The Co-operative Pharmacy Group, with more than 770 branches in the UK with 7,000 staff was put up for sale in February of 2014 by former Co-operative Chief Executive Euan Sutherland, as it was not considered a ‘core part of the business.’
The Group announced the sale of its pharmacy stores for £620m in a deal with the company behind the convenience shop brand Best- one. It was revealed the struggling mutual would use the proceeds from Bestway Group’s purchase of Britain’s third largest pharmacy chain to pay down its debt.
During an 18-month transition period, the Co-operative provided
certain services to the Pharmacy business, while Bestway has the right to operate under the Co-operative Pharmacy brand for 12 months.
On October 6th, the Co-operative Group and The Bestway Grup exchanged contract on the sale of the pharmacy business, making the Bestway Group the legal owners of the Co-operative Pharmacy business. Bestway is the UK’s eighteenth largest privately owned company and seventh largest family-owned business. It includes the UK’s second largest independent wholesaler serving 125,000 independent retailers and caterers from 64 warehouses nationwide and with over 6 million square feet of selling space offering a
product range of over 25,000 items. Bestway’s retail club business is the largest in the UK with over 4,000 members.
Bestway’s Cement division is Pakistan’s second largest cement manufacturer with an annual capacity of 6 million tonnes. Bestway’s banking division is Pakistan’s second largest private bank with assets under management of US$10.3 billion and a branch network of over 1,400 branches serving over five million customers.
Bestway has built up a global business over 40 years by investing in and connecting with the communities it serves. The philanthropic arm of the group, the Bestway Foundation, annually donates 2.5 per cent of its post-tax profits to social projects in the countries in which it operates. With this acquisition, Bestway will have an annual turnover of approximately £3.4 billion and a global workforce of more than 32,600 people, with over 11,900 people in the UK.
WE ARE A STRONG BUSINESS WITH
A HERITAGE GROUNDED IN THE COMMUNITY AND WE INTEND TO MAINTAIN THESE IMPORTANT CHARACTERISTICS AS WE MOVE INTO THE FUTURE
WITH OUR NEW BRAND, WELL. - JOHN NUTTALL, CEO, WELL PHARMACY
blood pressure testing, diabetes monitoring and provision for minor ailments.”
He also revealed the Group will be rolling out the brand through leadership workshops. “These have already started and are key to ensuring the brand success,” John adds.
Any re-launch or re-brand can expect to take time and the question on
many pharmacist employees lips will be what changes are imminent and what should they expect. The rebranding of Well branches will begin at the end of March and will continue through to the end of September.
John continues, “However, a rebrand is much more than replacing the visual identity within our branches. The biggest shift will be cultural. We launched the new brand to 2000
SCOTTISH PHARMACIST - 11
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