The property company behind the Pulse Pharmacy chain has been placed in receivership, it has been confirmed.
PPB Advisory has appointed David McEvoy and Daniel Bryant as receivers and managers of Pulse Pharmacy Pty Ltd, which holds a number of head leases for locations across Victoria, New South Wales and Queensland.
According to a statement released by PPB, the receivership will only affect this entity and not the retail stores, which will continue to trade as normal.
“The company is one step removed from the operations of the Pulse retail stores and, as such, the appointment of receivers and managers will have no impact on the operations of these pharmacies, their branding or their employees, including entitlements,” PPB said.
The receivers also noted that pharmacies will continue to operate on a “business as usual” basis.
Pulse was contacted this morning, but a spokesperson was not available prior to publication.
The Pulse Pharmacy chain is run by entrepreneur Rohan Aujard, who has been a prominent figure in the horse racing scene over the past few years. He told SmartCompany this morning all retail outlets are unaffected, and that the receivership comes as NAB is organising a new financing arrangement.
“What NAB is basically trying to do is get finance out of the Pulse Pharmacy name, and the leases into the name of the owners. This doesn’t affect the management or the day-to-day running of the pharmacies,” he says.
PPB Advisory said it will work with pharmacy owners, “to achieve prompt and optimal outcomes in respect of the lease arrangements”.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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