White knight buys back chemists

TERRY White has bought back the pharmacy franchise bearing his name in a multi-million deal from Symbion Pharmacy Services.

Eleven years on from when White sold his established franchise Terry White Chemists to FH Faulding in 1998, the company now has an expected revenue of $900 million, 150 stores and 4000 staff.

White says the buyback is part of a longer-term plan for franchisees to buy equity in the company in 2010, to align the franchisee and management sides of the business.

He says the deal to buy back the Milton-based pharmacy is a win for individual pharmacists, customers and Symbion.

“Our goal is to bring the pharmacy brand back from corporate to independent,” he says.

“Pharmacies and the relationships people have with their local pharmacist are an important part of the Australian community, and this is about bringing the personal touch back to the franchise company.

“In the long term we plan to create new jobs using capital investment from franchisees to grow the business and provide stability to existing group members.”

Terry White Chemists will continue its relationship with Symbion Pharmacy Services, having also recently acquired Australia’s largest online chemist Pharmacy Direct from Coles.

“These are exciting times for Terry White members to harness the strength of small business and behave as a compliant national brand to deal with the competitive pressures of the future,” says White.