Tait Walker supports North East Pharmacists with Third Corporate transaction in three months
Tait Walker Corporate Finance has helped David Jarvis, an experienced entrepreneur and pharmacist, along with fellow pharmacist Kevin Simpson with their third corporate transaction in three months.
On 31 July 2017, they acquired the shares of Gateshead based M R Crowder Limited having added Willington based Britton and Robson Limited to their group in May. This is now one of the larger independent pharmacy groups in the North East of England with a turnover of around £9m.
M R Crowder Limited was acquired by Edenhill Limited, a company which also sees pharmacist Marisa Arden take a shareholding with support from David Jarvis and Kevin Simpson.
Not ones to stand still, the pair also sold their shareholdings in Houghton Le Street based Frank Jones Limited to pharmacist Greg Clark who had helped run the practice for a number of years and was ready to take the entrepreneurial step up to taking over it.
David Jarvis started to build his pharmacy empire in Teesside with locations at Southbank, Eastbourne Road and Grangetown – Middlesbrough – in the early 90s and made two further Teesside acquisitions in recent years.
Throughout all the transactions of recent years, David Jarvis has been supported by Tait Walker, Archers Law LLP and Lloyds Bank plc.
Steve Plaskitt, corporate finance partner at Tait Walker, said: “We have a great relationship with Kevin and David and a great team at Tait Walker that has helped structure these deals, assist with negotiations, taxation planning and fund raising to make sure the deals go smoothly. I hope David and Kevin continue to find other opportunities and the whole team at Tait Walker look forward to working with them again.”
Kevin Simpson agrees: “David Jarvis has a vision to see locally owned and operated independent pharmacies prosper in a climate of ever increasing competition from national multiples and regional groups. We continue to look for further opportunities to acquire pharmacies within the North East and to work with ambitious and business minded pharmacists.”
Daniel Flounders, associate solicitor at Archers Law, said: “We are delighted to have been able to assist Kevin and David in respect of the corporate transactions, carrying out the legal work to achieve a smooth transition for the shareholders and the development of the David Jarvis group as a whole. As the North East pharmacy industry continues to thrive, we look forward to assisting Kevin and David with future growth and maintaining our strong working relationship with them.”