Case studies

Helping a family find the right home for their pharmacy business

Delivering an excellent result for the shareholders following an off-market approach

The Corporate Finance team at Deloitte in Nottingham has advised on the disposal of a Midlands headquartered, independent chain of pharmacies

An independent, family owned business

W.R.Evans (Chemist) Limited, headquartered in Ilkeston, Derbyshire, was established over 55 years ago by Ann and Bill Evans. The business had grown to become the leading independent operator of community pharmacies in the East Midlands. It operates 64 pharmacies across the Midlands under the Manor Pharmacy and Cox & Robinson brands.

Having worked with our audit and tax teams for a number of years and following a competitive pitch process, the shareholders appointed Deloitte Corporate Finance to advise on a sale process.

Deloitte approach

Deloitte’s Nottingham Advisory team supported the company’s shareholders throughout the transaction. This included detailed negotiations of the terms of the offer, assisting with the production of financial information in support of the due diligence and structuring a complex demerger of part of the business. Maximising shareholder value was one part of our advice, ensuring that the acquirer was the right home for the company was also of fundamental importance to the shareholders.

Whilst negotiating with the preferred buyer, Deloitte prepared a full suite of marketing material in order to be ready to market the company widely, if required. This ensured competitive tension for preferred buyer and helped to maximise shareholder value.

A joined up, seamless approach between Corporate Finance and Tax enabled Deloitte to facilitate a change in strategy mid way through the process to enable, subject to regulatory approval, 10 stores to be demerged from the group following the completion.


Over its 55 years life, the company developed a distinct ethos and community focus to its operations. It has been acquired by another independent pharmacy, which the shareholders believe will enable that ethos to continue and secure the future for the staff. The business will continue to operate under the Manor Pharmacy and Cox & Robinson brands.

The shareholders have realised their investment with Deloitte delivering a transaction and structure that met all of the shareholders’ differing objectives.

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