IPCC looks for £4.5m

Pharmacy and healthcare sector aspirant Independent Pharmacy Care Centres (IPCC) intends to raise a net £4.5 million through a private placing, with the aid of business angel network Beer & Partners.

Pharmacy and healthcare sector aspirant Independent Pharmacy Care Centres (IPCC) intends to raise a net £4.5 million through a private placing, with the aid of business angel network Beer & Partners.

Founded three years ago, IPCC already operates a network of 23 pharmacies in the North of England, but is now looking for further cash to fund the acquisition of 8-15 more outlets. The plan is to buy each centre outright (property and all) and gradually expand the range of services offered to include additional services such as complementary health treatments.

Annual revenues are already said to be in the region of £19 million and a combined £5 million has previously been secured through earlier fundraising rounds.

It is anticipated that this latest placing will see the group attempt to draw support both from members of the Beer & Partners angel network and the wider community of venture capital and venture capital trust backers.

(8/11/2005)