Grand Parade of latest acquisitions

Serial pharmacy investors Conor and Denise Phelan are continuing a second expansion of their chain of outlets.

The Cork-based duo — who sold 10 of a dozen pharmacies they’d built up in 2003 for over€20m to Irish chain Uniphar, have steadily developed the number of premises again.

Earlier this year, they opened in Stillorgan, Dublin, on the Lower Kilmacud Road in a leased premises. And, next Tuesday, they open on Grand Parade in Cork city, with a pharmacy and medical device/mobility aid store, in a €1.5m investment. It brings the number of Phelan pharmacies back up to seven, to include Stillorgan in Dublin; Cork’s Carrigaline — where the business started in 1988; the Kinsale Road roundabout; St Patrick’s Street, and Glanmire. Other locations are being considered, said Mr Phelan

Kinsale Road, Stillorgan and now Grand Parade will all sell specialist and imported mobility aids, to meet a growing demand from an ageing population, and against HSE support cutbacks, said Mr Phelan.

The Waterford-born husband and wife team spent 15 years building up their first network of pharmacies and sold to an Irish company in 2003, at a time of overseas groups seeking an Irish market entry.

Mr Phelan said they had planned to semi-retire but ended up re-engaging with the business and growing it up once more.

Their latest premises, the former Murrays drapery store on Grand Parade, beside the multi-national owned Lloyds/O’Learys pharmacy was acquired through Rob Coughlan of Cohalan Downing for about €500,000, and total investment after a building refurb is around €1.5m.

There’s about 2,500 sq ft at ground level, with scope to expand into overhead floors with a lift installed to allow for upward mobility.

Details: Cohalan Downing 021-4277717; www.phelans.ie