Independent pharmacy group Paydens has bought another privately-owned chain of chemists based across the South East.

The family-owned company, which has its headquarters in Maidstone, will have 129 branches across the region after the acquisition of SG Court Pharmacy Group.

Paydens, established in 1969, said the deal would allow “further economies of scale”, particularly for its wholesale business Sangers, which stocks 18,000 lines at its warehouse in Maidstone, employing 140 staff.

SG Court was founded in 2004 and runs a chain of 21 phramacies across Kent, Sussex and Surrey, dispensing 2.7 million prescriptions each year.

Paydens managing director Dennis Pay said: “We are very pleased to have found such a complementary match in SG Court, a company we have long admired.

“The firm operates a successful chain of pharmacies and has a strategic geographical presence in the South East that complements our own.

“SG Court and Paydens are both recognized names in the pharmacy industry and the acquisition by Paydens presents an exciting opportunity for continued growth...” - Michael Jewell, Cavendish Corporate Finance

“SG Court has an impressive track record and has successfully grown the business against the backdrop of a challenging economic environment and Government funding pressures on community pharmacies.

“We look forward to welcoming SG Court to the Paydens family and to integrating its business operations into our growing network of pharmacies.”

Cavendish Corporate Finance advised SG Court on the acquisition.

Partner Michael Jewell said he expects cuts to NHS funding will lead to more deals like this, as the industry consolidates.

He said: “We are delighted to have advised the shareholders of SG Court and to have found in Paydens the right buyer to continue to develop the network and continue its reputation for customer focused service.

“This acquisition will see SG Court and Paydens unlock significant synergies from their complementary geographical reach, improve pharmacy efficiency and deliver high quality patient services.

“SG Court and Paydens are both recognized names in the pharmacy industry and the acquisition by Paydens presents an exciting opportunity for continued growth.”