Walsh Pharmacy Group sells for €50m
The deal includes all 14 Walsh Pharmacy Group pharmacies in Cork and Tipperary. UniPhar said that all 155 staff employed by the Walsh Pharmacy Group will be retained. Some pharmacist employed by the group may be provided with the opportunity to buy out the individual pharmacies.
The Walsh Pharmacy Group was founded in 1947 by Jerry and Marie Walsh. Martin Walsh holds 70% and he will receive €35m for his stake, while his wife Bernadette Walsh’s 5% stake is worth €2.5m.
UniPhar, owned by a consortium of approximately 450 independent pharmacists throughout the country, which had turnover of €408m in 2003, said it is looking to buy more chemist shops. It encourages and helps fund community pharmacists with at least three years’ experience to take over chemist shops it acquired.
In a press release by publications firm WHPR, Martin and Ber Walsh, on behalf of the Walsh family, said that they were pleased that the pharmacies would continue in Irish ownership under the IPOS scheme.
Martin Walsh was quoted as saying: “we decided to enter this agreement because we believe that it is an excellent opportunity to further strengthen the individual businesses and to provide staff members with opportunities to enhance their careers in pharmacy.”
Mr Walsh was unavailable for comment yesterday and staff at the group’s flagship shop in Carrigaline referred all queries to WHPR.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
