The Day Lewis pharmacy group, which is owned by Mr Kirit Patel (a member of the Royal Pharmaceutical Society's Council), has been restructured along clearer accounting lines. The move might eventually lead to the company being floated on the stock market.
Mr Patel told The Journal recently that the company had grown by acquiring individual pharmacies and small companies and these were arranged in a loose alliance of companies. A new holding company had been created and ownership of all 62 pharmacies in the group had been transferred to this company. An application had been made to change the name of the holding company to Day Lewis Plc, reflecting the trading name of the group.
Mr Patel said that the new structure opened an opportunity for floating the company on the stock market, perhaps in 2002.
The Day Lewis group is offering independent community pharmacies an opportunity to join the Day Lewis Partnership. Mr Patel said that those joining the partnership would be able to take advantage of preferential rates he had negotiated for banking and utility services. In addition, growth in the number of pharmacies in the partnership would allow greater buying power to be used in negotiating purchases and promotions.
There was no joining fee for the partnership but new members had to comply with the terms of any agreements arranged, Mr Patel said. One plan for the partnership was the development of an extended Day Lewis range of branded and own-brand products, which could also be used by partnership members.