The current and previous presidents of the Pharmacy Guild have bought seven Priceline pharmacies in the failed Infinity Pharmacy network.
Trent Twomey and his predecessor, George Tambassis, have secured seven of the 91 pharmacies in the failed group, the Australian Financial Review reported, citing people with knowledge of the matter.
Twomey and Tambassis wanted to buy more stores but lacked the funding, the sources added.
Infinity was the largest franchisee of Wesfarmers’ Priceline Pharmacy, operating 91 stores nationwide.
The business struggled with financial difficulties and built up massive debts, which led to its receivership late last year.
The administrator, Teneo, is selling Infinity’s chain, most of which were bought by Queensland-based operator Chempro Chemists.
The Pharmacy Guild is the industry’s influential lobby group, which represents about 6000 independent pharmacies.
Twomey already controls eight pharmacies through the North Queensland-based Alive Pharmacy Network, while Tambassis has owned and operated several pharmacies in Victoria for decades.
This article was first published on Inside Retail.
