National health and beauty retail franchise Good Price Pharmacy Warehouse is set to accelerate its growth plans following a 25 percent acquisition of the business by EBOS Group through its Symbion pharmacy business.

The pharmacy chain, which has enjoyed double digit growth every year since its start-up 12 years ago, will now realise its goal of establishing a national footprint earlier than expected.

Good Price Pharmacy founder and director Anthony Yap said “Our goal has always been to establish a network of stores across all states and become Australia’s most recognised and respected pharmacy brand and to know that will happen much sooner through this partnership is really exciting.”

The full funds would be reinvested back into the business and further cost savings will lift the partnership’s competitive advantage in the marketplace.

“This deal is the catalyst to help drive efficiencies in store, improve retail execution and also deliver accelerated growth in terms of store numbers,” Yap said. “We wouldn’t be able to achieve this as fast by ourselves.

“There will also be savings delivered from a more competitive wholesaler arrangement, as well as by the streamlining of the supply chain utilising the state of the art logistics distribution expertise Symbion has developed over the years.

The company enjoyed 11 percent growth last year bringing turnover to $230 million and Yap said the chain was on track to hit its 15 to 20 percent growth goal this year.

“We opened three new stores last year including acquiring competitor Oze Pharmacies in New South Wales. This cemented our entry in the state and helped us realise critical mass as the Sydney pharmacies drive serious volumes. This market offers immense potential for us and will remain a focus for growth.”

New sites in Western Australia, South Australia and Mackay are performing well, he added.

“Our no-nonsense ‘price match guarantee’, broad assortment of products and compliant model gives consumers comfort and confidence that the price they are paying is the best in the market and that we have the product they want.”

A representative from EBOS will be appointed to the Good Price Pharmacy Warehouse board as part of the acquisition.

“The appointment of the new member will further bolster the retail experience on the board and assist with delivering positive outcomes for both the franchise entity and the corporate stores within the network, Yap said.

EBOS Group CEO Patrick Davies said the company was pleased to become a part of a flourishing business.

“Good Price Pharmacy Warehouse is a very successful discount format in the marketplace and we were attracted by what Anthony Yap and his team have achieved,” Davies said.

“There is certainly strong potential for further growth, and we see the partnership being able to accelerate the expansion of the brand across Australia. We are looking forward to a long and mutually-beneficial relationship.”

Yap and his wife founded Good Price Pharmacy in 2001 when he was just 23 years old with a $50,000 deposit. The first franchise store opened its doors in Grafton in 2009.

Good Price Pharmacy currently has 47 stores across Queensland, Victoria, New South Wales, Tasmania, South Australia and Western Australia.