Channel Islands Co-op has bought seven Lloyds Pharmacy branches – four in Jersey and three in Guernsey – for an undisclosed sum.
A press release from the retail society said the move marks “a significant milestone in our expansion within the pharmacy sector”.
The acquisition takes in branches at the Parade, Red Houses, Quennevais, and Gorey Village in Jersey and St Sampson’s, L’Aumone, and Longfrie in Guernsey.
“This will provide members and customers across the Channel Islands with greater access to our pharmacy services,” added the co-op. “As part of the move, we’ll be offering roles to all existing Lloyds colleagues, ensuring a smooth transition and maintaining the high level of service that both businesses are known for.”
Co-op CEO Mark Cox added: “This is a unique opportunity to further develop the Co-op’s pharmacy business through purchasing seven of Lloyds stores. We look forward to welcoming new and existing members and customers to our expanded pharmacy network and are thrilled to welcome their team into the Channel Islands Coop family.”
Sara Kynicos, head of care at the society, said: “This acquisition presents an excellent opportunity for us, underscoring our commitment to the growth and development of our pharmacy business, as well as our continued support for the essential pharmacy sector within the local community.”
The co-op says it is now working closely with Lloyds to finalise the sale and plan the transition, with the anticipated completion set for mid November 2023, subject to the approval of the Jersey and Guernsey competition and regulatory authorities.
Jersey residents have until Wednesday 25 October and Guernsey residents have until Thursday 26 October to give feedback to the regulator about the proposed deal.