Morton Fraser MacRoberts has advised the Dears Healthcare corporate group on the acquisition of 15 Lloyds Pharmacy branches. This transaction doubled the branch network of Dears pharmacies: it is now one of the largest independent retail pharmacy groups in Scotland with 25 branches. This complex transaction involved the acquisition of shares in five SPV companies by four different buying entities, as well as advising on funding of the transaction which involved a cross securitisation structure created in part due to the seller, Lloyds, funding significant pre completion deposit payments through a specialist pharmacy sector credit facility. In parallel, Morton Fraser MacRoberts was advising the majority shareholders of Dears Healthcare group on the establishment of a 50/50 joint venture company that acquired a further 11 Lloyds Pharmacy branches trading under the Amiry & Gilbride Pharmacy name.

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