SANJAY Majhu, the entrepreneur behind the Ashoka Indian restaurant chain, has offloaded five pharmacy stores as he continues to wind down his business interests.
Mr Majhu has sold the pharmacies, based in Edinburgh, Dundee and Polmont, to Glasgow-based Honey Pharmacy Group for an undisclosed sum.
Honey, owned by pharmacist Kasim Gulzar, also plans to open to open two further branches in Glasgow, on Alexandra Parade and Cathcart Road, which will trade under the Apple name.
Its expansion plans, which will create 40 jobs and five traineeships, have been backed by a multi-million finance package from HSBC.
The acquisitions are expected to lift turnover by £4 million to £5.8m.
Mr Majhu still owns some Apple pharmacies and restaurants through his Harlequin Restaurant Group, but he said he is in a “phase of selling up” to focus on new opportunities. He has already sold a number of Ashoka restaurants.
The restaurateur, who acquired Harlequin from Charan Gill for £8 million in 2005, confirmed he is currently developing online businesses, but said it was too early to provide details. He is looking to develop businesses that allow him to spend more time with his family.
Noting that the deal has effectively cleared his bank debt, Mr Majhu said: “I’ve always had a 10-year plan to start doing something different with my life. It was the ideal time to sell and we got a very good offer. It just means I can move on.”
Asked if he was looking to completely exit the Apple business, he replied: “We have sold what we wanted to sell and are not selling anything else.”
He added: “We got a very good price for it, and it has kept the bank off my back as well. The guys who are buying it are very good – hopefully they will take it to the next level.”
Mr Gulzar worked on the Apple deal with business partner Asim Sarwar, managing director of United Wholesale (Scotland). He said: “We’re at the start of an exciting journey for Honey Pharmacy as the number of sites more than double and we take our personalised patient service offering across the country. We’re passionate about helping people.
“We’re passionate about helping people and this funding from HSBC will not only allow us to reach more communities but also invest in staff through the pharmacist and technician traineeships and work experience programmes we offer in every pharmacy.”
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