A Northumberland business is set for growth after forming part of a seven-figure investment deal.
London based Growth Fund 1 announced the completion of its investment into two healthcare consultancies to create The Pharmacist Network Group (TPNG), made up of North East-based The Pharmacist Network, and Worcestershire based MORPh Clinical Services and MORPh Consultancy Limited.
Growth Fund 1, launched by managing partner Toby Dixon, specialises in investing in businesses that operate within business services sectors and is backed by leading entrepreneurs and supported by a panel of advisory members.
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The Pharmacist Network, which has its head office in Ashington, Northumberland, provides on-site and remote general practice pharmacy and pharmacy technician services to GPs as a partner to the NHS. Its services include supporting prescription-related requests, the provision of GP pharmacy services and assisting with out-of-hours services.
Worcester based MORPh and MORPh Clinical Services, meanwhile, is a pharmacist-led provider of pharmaceutical funded services with almost 20 years of experience in supporting pharmacy professionals working in primary care. It provides clinical services and training for pharmacists and pharmacy technicians in the NHS.
Mr Dixon said The Pharmacist Network Group is set to extend its reach further on the back of the investment and highlighted the firm’s strong management team.
He said: “This is an incredibly exciting investment – an impressive leadership team we are thrilled to back and help build something amazing together. The potential is enormous. We are very keen as a fund manager to deploy into strong sectors and make more investments in the North."
Squire Patton Boggs provided legal advice to the management of Growth Fund 1.
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Corporate director Josh Lodges said: “We have worked with Toby previously, so it was a privilege to support Growth Fund 1 on this exciting first step into the healthcare sector. We are pleased to have played a part in facilitating this inaugural transaction and look forward to their continued success.”
Alistair Scott-Somers and Nathan Bentley from Progeny advised the Pharmacist Network management team on the terms of the investment and the sale of their shares, with exiting shareholders in MORPh Consultancy being advised by Mike Clifford and Michelle Hall from Weightmans LLP.