Honey Pharmacy Group secures £480k HSBC funding

Honey Pharmacy Group secures £480k HSBC funding

The Honey Pharmacy Group will invest £480,000 of HSBC funding in opening new stores and refurbishing existing premises, as part of a new growth strategy.

The investment integrates two Apple Pharmacy stores based in Edinburgh and Inverness into the Honey Pharmacy brand portfolio, taking the total number of Honey Pharmacies across Scotland to eight.

In addition to HSBC’s funding, the group also invested £120,000 in the project. The programme includes a rebranding and refurbishment exercise that will convert all the group’s stores to Honey Pharmacies.

The Honey Pharmacy Group, which now has an estimated turnover of £7m, has grown its employee base through acquisition and traineeships from four to 60 staff.

Grant Bett, relationship director at HSBC in Scotland, said: “Honey Pharmacy is an ambitious business and this programme of refurbishment, rebranding and integration is an exciting next step in its growth.”

The funding has been allocated from HSBC’s national £10bn SME Fund, with £500m specifically designated to support SMEs in Scotland.

Kasim Gulzar, co-owner and pharmacist, said: “Since our relationship with HSBC began in 2015, the bank has supported our growth aspirations through acquisition. Our unwavering commitment to delivering quality service is synonymous with the Honey Pharmacy brand, which we hope to continue growing throughout Scotland.”