Banking Restructure for Pharmacy Chain Saves £72,000 Per Year

Our team recently assisted a thriving pharmacy company in completely overhauling their banking and finance arrangements, resulting in significant cost savings and improved operational efficiency. Find out how.

The Scenario

Our client, a successful pharmacy chain operating multiple locations across the UK, approached us with concerns about their existing financial arrangements.

Their primary issues were:

• An extremely costly invoice finance facility, costing £7,000 per month
• A £360,000 business loan with a high street bank, who were not being particularly responsive or flexible to their needs
• A desire to consolidate their financing for better rates and easier management

The client was looking for a solution that would address all these issues.

The Solution

After a thorough analysis of their financial situation and needs, our team proposed a complete restructuring of the client's business finances, including a full banking move.

We identified a competitor high street bank as an ideal partner for this comprehensive package.

Under one business banking arrangement, our client would have:

• A business bank account to serve as the primary banking relationship
• Term Loan Refinance for their existing £360,000 debt
• An overdraft facility to provide flexible working capital
• A new invoice finance facility to replace the existing expensive arrangement – this took their monthly cost from £7,000 to £1,000 equating to a saving of £72,000 per year
• A new card payment services for better rates and consolidated service

But the move didn’t only deliver immediate and substantial cost savings – it also provided our client with a more responsive and integrated banking service.

The streamlined banking arrangement, with all services under one roof, will save the client time and effort in managing their finances, allowing them to focus more on running and expanding their pharmacy business.