Wednesday, May 8, 2024

Competition authority approves Lloyds Pharmacy takeover of McCabes Pharmacy

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The competition authority has approved the takeover of McCabes Pharmacy chain by Lloyds Pharmacy subject to a commitment to sell two stores in Lucan in Dublin.

The first attempt was rejected due to lack of additional information provided by the companies in relation to the takeover.

As a result, the CCPC deemed the merger notification as “invalid”. The application was resubmitted in February.

In a statement, the CCPC said during its investigation it became particularly concerned about how levels of competition in the Lucan area of Dublin would be affected by the deal.

“To address these concerns, Lloyds Pharmacy agreed to sell two pharmacies in Lucan to a buyer who will be approved by the CCPC,” the CCPC said.

“Lloyds Pharmacy also agreed not to do anything which could negatively impact on the pharmacies before their sale, and not to buy these pharmacies back for at least 10 years.” 

Lloyds Pharmacy, which is owned by PHX Ireland a part of the German-based Phoenix Group, currently operates 82 pharmacies around Ireland while McCabes Pharmacy operates 31 pharmacies mainly based in the Dublin and Leinster regions.

The original deal sought to merge the operations of the two companies and trade under the McCabes brand.

The new single operation is to be run by Sharon McCabe — who has been chief executive of McCabes Pharmacy since 1999.

   

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