Co-op completes pharmacy sale
The Co-operative Group's £620m sale of its pharmacy business has completed.
The Manchester-based group announced it was to sell the £760m-turnover division to Bestway Group earlier this year.
The Co-operative has agreed to provide certain services to the pharmacy business for up to 18 months, under a transitional services agreement, and Bestway will have the right to operate under The Co-operative Pharmacy brand for a transitional period of 12 months.
At the time of announcing the deal, chief executive Richard Pennycook said the sale was an "important move" for the group.
"The proceeds will enable The Co-operative to reduce debt and invest in our business and is part of the focused delivery of our clear strategic plans and priorities," he said.
The Co-operative Pharmacy is one of the UK's biggest pharmacy businesses with more than 770 branches and 7,000 staff. It posted revenue of £760m and operating profit of £33m in 2013.