McCauley's pharmacies 'open to new equity partner'
Sam McCauley, the executive chairman of the eponymous pharmacy chain, has said that the company is open to bringing in a new equity investor to the business and may even consider listing the company on the Irish Stock Exchange.
He said that the board, which includes business expert Bernard Somers, is actively assessing ways to grow the business. "We could look at lots of options including an equity partner to make a quantum leap in the business," he said, adding that ideally an investor would have experience in the sector.
"It would be very desirable that somebody could bring something to the table in terms of expertise or synergies," he said. "I don't see any reason why an Irish pharmacy group can't hold the same position as Musgraves or Dunnes in the grocery market."
The company is pushing ahead with expansion plans, opening a new store in Navan last week bringing the chain to 30 shops. "We're very much now on the path of organic growth," he said.
The company is targeting revenues of €90m next year, which will outstrip its pre-recession turnover.
Sunday Indo Business