Allied Pharmacies Buys Jhoots Pharmacy Assets for £4.5 Million

Jhoots Pharmacy Limited entered administration in late December after accumulating substantial debts, leading to the redundancy of more than 100 employees. Joint administrators from FRP Advisory sold the company's business and assets to Allied Pharmacies Limited for £4.5 million, a sum that fails to cover the firm's total liabilities.

HSBC is expected to incur a significant loss on a £15.7 million loan provided to the group. Administrators report that unsecured creditors, including HMRC, are unlikely to receive any funds from claims totaling approximately £4.75 million. The Pharmacy Defence Association further estimates that members are owed over £870,000 in unpaid locum fees.

Investigations into the company's affairs and potential claims against its directors are currently ongoing.