Three chemists to close as Lloyds Pharmacy sells Channel Islands stores to the Co-op

The Channel Islands Co-operative Society is set to aquire seven stores from Lloyds Pharmacy, subject to regulatory approval. Credit: PA

Four branches of Lloyds Pharmacy in Jersey and three in Guernsey have been sold to the Channel Islands Co-operative Society for an undisclosed sum.

Jersey's pharmacies at The Parade, Red Houses (Centrepoint), Les Quennevais and Gorey Village, as well as Guernsey's stores in St Sampson, L'Aumone and Longfrie are included in the deal.

The supermarket chain says no jobs are at risk, but three Lloyds branches in Jersey will close prior to the sale going through - David Place, Oxford Road and Red Houses (Parade).

There are currently three Lloyds Pharmacy branches along one stretch of road in St Brelade Credit: Google Maps / ITV Channel

The chemists are currently owned by Savoy & Moore Ltd in Jersey and Stephen Smith Ltd in Guernsey, trading under the Lloyds Pharmacy brand.

In a message to Co-op members, CEO Mark Cox said: "We have reached an agreement to expand our community pharmacy network across the Channel Islands with the purchase of four stores in Jersey and three in Guernsey from Lloyds Pharmacy.

"The move will provide you with greater access to our pharmacy services across the Channel Islands, and as part of the move, we'll be offering roles to all existing Lloyds colleagues, ensuring a smooth transition."

Co-op CEO Mark Cox says the deal is an "exciting opportunity" for the retailer which will "make a real difference". Credit: ITV Channel

He added: "Community pharmacies play a vital role in providing accessible healthcare services and expertise to our local communities.

"With this acquisition, we are poised to enhance our commitment to making a real difference to the communities we serve."

The deal is set to be completed in mid-November 2023, which still needs approval from the Channel Islands' competition regulators - the JCRA in Jersey and GCRA in Guernsey.

In the Co-op's submission to the JCRA, the company said: "This is part of a wider strategy to increase diversified sales that are not only food sales.

"Given the number of existing pharmacies in Jersey, it was identified that acquisition would be the preferred option and also allows for entry into new parishes for the [company]".

The same document reveals that Lloyds has been seeking a potential buyer for its Channel Islands stores "as part of [a] new strategic direction to divest and streamline the number of pharmacy branches."

Jersey residents have until Wednesday 25 October and Guernsey residents have until Thursday 26 October to give feedback to the regulator about the proposed deal.

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