Finance for: A Scotland-Based Pharmacy

Background

Due to the NHS paying pharmacies in arrears, and fluctuations in pricing for different medicines, it can be difficult for pharmacies to budget effectively or fix their costings. This Scotland based pharmacy was also looking for a finance solution that would provide them with some financial security and flexibility, easing their ongoing cashflow pressures, and help them plan for pharmacy upgrades that would provide a more efficient level of service to their customers and patients.

Challenge

The pharmacy was looking to provide a more efficient workplace for their pharmacists, enabling them to fulfil more prescriptions per hour and provide a service to their customers and patients that they could be proud of. As well as upgrading their premises with a new fit-out, they were also considering ways that could enable them to reduce staffing costs and offer a 24/7 supply of prescriptions, something they understood the likes of a dispensing robot could help them achieve.

Solution

Bluestone worked with the pharmacy to understand all their requirements before offering multiple finance solutions to help them move forward with their goals, as well as ensuring they had some support with their cashflow.  

Utilising asset finance of £157,288, for an interior fit-out, the pharmacy was able to renovate its space without requiring the significant upfront capital investment, improving the layout and enabling their pharmacists to enhance productivity. In addition, they also used asset finance of £35,100 to install an automated dispensing robot, meaning they could streamline their prescription handing and reduce the need for additional staff, cutting down on operational cost and allowing them to provide a 24/7 supply of prescriptions.  

To help ease their overall cashflow pressures, and help them plan flexibly, Bluestone spoke to the pharmacy about a £500,000 revolving credit facility to help them draw down funds as and when they needed them (functioning like an overdraft). The pharmacy only needs to pay back what they use of the facility but having it in place enabled them to make more strategic decisions based on the needs of the business and their customers, rather than the strain of cashflow.  

“I’m very happy to have worked with this pharmacy and provide bespoke financial solutions that were monumental to ensuring they can navigate industry challenges and continue delivering high-quality services. It has been fantastic watching this pharmacy improve cash flow, enhance productivity, and invest in modern technology which ultimately enabled them to focus on what matters most, caring for their customers.”

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Josh Atkinson, Regional Account Manager, Bluestone.

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