Scots pharmacy agrees £8.5m HSBC funds deal

The move will see the 189-year-old business switch its banking affairs from Clydesdale to the UK’s biggest bank.

The company, which is owned by Raimes Clark & Company, started trading from its current site in Edinburgh’s Elm Row in 1826.

Lindsay & Gilmour is one of Scotland’s largest privately owned pharmacy groups with 27 pharmacies in central and east Scotland and some 240 staff.

The firm said the new finance package will allow it to invest in its existing business and fund potential acquisitions.

The £8.5m finance package includes payment and cash management services, long-term debt facilities and working capital.

Most recent accounts for the 2013 year to December 31, show Raimes Clark & Company reported turnover of £25.7 million and pre-tax profits of £1.42 million.

The company had noted debts totalling £9.42 million falling due within one year, which included £5.87 million in bank loans, which was due for repayment on December 31, 2014.

Nigel Cumming, chairman of Raimes Clark & Company, said: “It is an exciting time for the pharmacy sector in Scotland with new opportunities arising through the increasing ranges of services being offered by pharmacists.

“This new finance package provides a funding platform that will allow us to invest in the existing business, concentrating on serving the day-to-day needs of our customers, whilst also considering options for growth or acquisition which may arise in the market.”

Kenny White, HSBC relationship director of mid-market enterprise in Scotland said: “We have a strong appetite to support the growth of businesses like Lindsay & Gilmour which is a long-standing and ambitious business with a strong management focused on providing top quality pharmaceutical care to local communities.”