Commercial law firm Hill Dickinson has advised Pitalia Capital on a £12 million cash injection into online pharmacy Chemist4U.
Chemist4U and bespoke weight management clinic myBMI form part of JCCO Healthcare with the backing set to “turbocharge” the businesses’ growth, according to chief executive James O’Loan. Chemist4U handles 190,000 orders a month and is expected to hit £29 million turnover in the 12 months to the end of September, with MyBMI on track to hit £10 million turnover in 2023/24.
Anil Pitalia, founder of Pitalia Capital, said: “James and Ricardo [Laverty, COO] have done an incredible job and are a very entrepreneurial and innovative team. To be able to get your medication delivered to your doorstep the next day without having to go to another pharmacy is hugely convenient and efficient. We see huge growth potential.”
John Davies, managing partner at Pitalia Capital, said: “The margins in the pharmacy sector are so tight that some pharmacies are failing. The only way to make it financially viable is through the diversification of the service and product offering and automation at higher volumes, and C4U now has the infrastructure and fire power to deliver this at a significant scale.”
Corporate partner Jon Gillow, together with senior associate Graeme Anderson, of Hill Dickinson’s Manchester office, provided legal advice to Pitalia Capital.
