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Pharma management buy-out completed
NORTH-EAST pharmaceutical wholesaler DE Group has announced the management buyout of the business by managing director Mark Gulliford and financial director Andy Wilson.
Funding to support the MBO has been provided by RBS Invoice Finance (RBSIF) who structured a £37m Asset Based Lending (ABL) package. The deal has also involved a number of leading North East based advisers.
The Low Prudhoe, Northumberland- based firm employs 300 staff and is one of the UK’s largest national short line pharmaceutical wholesalers which have operated for more than 30 years.
The firm will continue to operate as before and retain the same management team and staff who have been integral to the success of the business thus far.
Mr Gulliford, said: “As far as our customers are concerned, it is business as usual, although we’ll now be able to focus on improving the high quality service they’ve come to rely on and offer even better deals thanks to our unrivalled buying power.
"This is an exciting period for Andy and myself having both worked within the business for a number of years. We are firmly focused on growth and our ambition is to cement DE Group’s position as the UK’s largest national short line pharmaceutical wholesalers.”
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