Burrows & Close Limited 
Burrows and Close Group Acquired By Buy-Out Team
The well–established Burrows and Close Group has undergone a multi-million pound management buy-out which sees Richard Close continuing as Managing Director and two other directors retiring from the business.
The business, which consists of 15 Burrows & Close retail pharmacies in the Nottingham and Derby area, has a turnover of over £13m and over 100 employees.
Matthew Proudlove of Cooper Parry Corporate Finance acted as lead adviser to the Management Team, with Hugh Strickland and Andrew Borkowski of Edwards Geldard providing legal advice.
Funding for the transaction was provided by The Royal Bank of Scotland (“RBS”) Corporate and Structured Finance Team in Nottingham, led by John Bryant. Legal advice to the bank was provided by John Heaphy at Freethcartwright LLP.
Mr Close commented: “With a younger management team Burrows and Close are now well placed to face the exciting challenge of providing pharmacy services within a modern National Health Service”.
Discussing the transaction, Matthew Proudlove commented: “We are delighted for our client who is well placed to continue the operation of these retail pharmacies and serve the Nottingham and Derby population for many years to come. The transaction also underlines the strength of corporate finance expertise in the East Midlands with all funding, financial and legal input provided from within the region”.
John Bryant from RBS added; “The buy-out has placed the new management team in an advantageous position to further capitalise on the underlying strength of the business. We aredelighted to have supported Richard and his team in this transaction, and we are also pleased to have delivered the deal in partnership with fellow East Midlands professionals.”
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