Abbey Pharma Ltd (Abbey Pharma), the specialist pharmaceutical company, today announced that it has secured a £2m investment from BGF, the independent company established to help Britain’s growing businesses. BGF will take a minority stake in the business and the investment will be used fund the company’s buy-and-build strategy.
The Group was established in 2009 and is a fast growing, dynamic specialty pharmaceutical group that manufactures, distributes and sells prescription and ‘Over the Counter’ (OTC) products. Based in Maidenhead, Abbey Pharma is a rapidly expanding business that has shown consistent year on year revenue growth, delivered by the incumbent management team, led by Kevin James as CEO and Shafiq Choudhary as COO.
BGF’s investment, alongside senior debt funding from NatWest, has enabled the business to acquire Peckforton Pharmaceuticals (Peckforton). Based in Crewe, Peckforton, is another specialty pharmaceutical company that will add new and complementary products to Abbey Pharma, doubling the group’s size and establishing a platform to support future expansion plans. The combined business will have revenues of c. £8 million.
Abbey Pharma has acquired Peckforton from the RisingStars Growth Fund and Coalfields Enterprise Fund, managed by Enterprise Ventures and the North West Business Investment Fund, managed by YFM Equity Partners. Both Enterprise Ventures and YFM Equity Partners are fully exiting Peckforton having seen sales at the company treble during the period of their investment.
Abbey Pharma has established itself as an important supplier to both the NHS and pharmacy wholesale markets ensuring the ongoing supply of pharmaceutical products with proven therapeutic value. Current products address therapeutic areas covering Ophthalmology, Oncology, Pain, Gastrointestinal, and Dermatology with Peckforton bringing a range of injectable products to the Abbey Pharma portfolio. The Group is expected to continue to develop therapeutic focus through further acquisitions.
Brian McEwan will join the business as chairman. Brian has over 30 years of experience in the pharmaceutical industry having previously held positions as MD of Amdipharm Mercury Company Ltd (AMCo) and COO of Waymade Healthcare Plc.