Drugs firm sees profits break through £1m mark

PROFITS at Strathclyde Pharmaceuticals, the East Kilbride-based drugs wholesaler that sold its retail business to Lloyds Pharmacy in 2008, have broken through the £1 million mark after a surge in demand from independent chemists' shops.

Accounts filed at Companies House revealed that the firm's turnover soared to 40.8m in the year to 31 March from 23.3m following "investment in products licences, additional production facilities and overseas ventures".

Strathclyde Pharmaceuticals began trading in 2008 after executive chairman Donald Munro sold his retail chain to Lloyds and his wholesale business to Phoenix Healthcare. The deals reportedly netted the Munro family about 20m.

Donald Munro and former Munro Group managing director John Cochrane are still involved with the business, which now focuses on re-packing medicines and the wholesale of generic drugs for retail pharmacies and the National Health Service. The firm said it was looking to expand its NHS work.