A Tyneside pharmaceutical wholesaler plans to create 80 jobs on the back of a recent management buyout (MBO).
Prudhoe-based DE Pharmaceuticals is set to expand its bases in the North East and Doncaster, as well as adding new sites in Manchester, Barnsley, the South East, Belfast and the Midlands – taking its number of distribution centres across the UK and Ireland to nine.
Last year the firm, which is listed in The Journal’s Top 200 roster, underwent a £37m MBO, led by managing director Mark Gulliford and finance director Andy Wilson.
Since then the firm has experienced rapid growth and is acquiring property to accommodate expansion. DE remains on track to hit £196m turnover by 2016, and predicts 10% to 15% organic growth each year.
Mark Gulliford, managing director of DE Pharmaceuticals, said: “Our expansion comes after another strong period for the company, and on the back of such national demand for our services comes the need to add significant extra resource to our operation, both in terms of people and floor space.
“Having worked at DE for over 20 years, Andy and I have unrivalled knowledge of this sector, and realised the potential for the business. We are now on the way to achieving that, and remain very much on track for the £196m turnover we predicted when we bought the business last year.”
DE Pharmaceuticals are being supported legally in their expansion by Newcastle law firm Sintons.
The firm’s specialist nationally-regarded pharmacy team, led by partner Christopher Welch, oversaw last year’s MBO and continues to act for DE across a range of matters.
Alok Loomba, partner in the Real Estate department at Sintons, is handling the acquisition of new properties and sites for DE Pharmaceuticals.
He said: “As well as being one of the North East’s most dynamic and fast-growing businesses, DE Pharmaceuticals has now become one of the key players in the UK pharmaceutical sector. Over a sustained period, and particularly since the MBO, it has grown significantly and continues to do so.
“Under independent ownership and with such experienced people as Mark and Andy at the helm, we have every confidence that DE will achieve its ambitious growth plans, and are very pleased to be able to support them in achieving that.”
DE is the UK’s largest distributor of generic medicines, as well as being the only short line pharmaceutical wholesaler, focusing on restricted ranges and other fast-moving products, with distribution centres across the UK, and Ireland and supplies to more than 4,500 pharmacies across the countries.