Ramona and Canice Nicholas of Cara Pharmacy.
Cara Pharmacy, which has its headquarters in Ballyshannon, has announced the acquisition of Abbey Healthcare.
With an annual turnover in excess of €10 million, the Abbey Healthcare takeover will push turnover of Cara Pharmacy to approximately €37 million. Following the deal, the number of staff employed by Cara Pharmacy will rise from 160 to 245.
Established in 2002 by husband and wife Canice and Ramona Nicholas, the Cara Pharmacy chain quickly expanded to 14 Pharmacies and has a presence in counties Donegal, Sligo, Galway, Leitrim, Cavan, Longford and Fermanagh.
Abbey Healthcare came into being in January 1998. Up to this date, it had been the healthcare division of Hayes Conyngham & Robinson (HCR). In 2009, after the sale of HCR to Boots, Abbey Health moved its pharmacy and Head Office to a purpose built location on Pottery Road Dun Laoghaire.
Speaking on behalf of the Cara Pharmacy, Ramona Nicholas said: “We have been searching for the correct site for expansion into Dublin for quite some time now, and we see Abbey Healthcare as the perfect acquisition. It is a great fit for us both in terms of location but also an amazing chance for us to develop our skills in the service of Nursing Homes. We look forward to continuing to provide the excellent service Abbey Healthcare has been providing over the years. Moving to Cork also makes us a national brand and through the statistics on our online shop, we believe our brand will continue to grow there also.”
Cara has a current turnover of circa €25 million, which grew both organically and through acquisition since 2002.
Canice Nicholas, Joint Managing Director of the company said: “We are delighted to have completed this deal. We do not plan on immediately making any changes to the composition of Abbey Healthcare, and we value the extensive knowledge and experience of Managing Director Michael Shiell and all the existing staff. The management team are also a huge asset to the business and we do not plan to make any changes to the staffing structure.
“Through time, we will integrate the Cara business model, but our motto on all acquisitions is to get to know the company and their people first, most importantly.”