Healthcare firm hails Boots deal

HOME-TESTING healthcare business MyHealthChecked (MHC) has struck a deal to sell its trading subsidiary to pharmacy and retail giant Boots.

- SION BARRY Business editor sion [e-mail]

Subject to shareholder approval, the Alternative Investment Market listed business will offload its loss-making subsidiary in a £2.37m cash deal.

The Cardiff-based company has worked with Boots since May 2021, adding its wellness portfolio and digital offering in 2023.

Following completion of the sale, chief executive Penelope McCormick will resign with immediate effect from the board to join Boots as managing director of Concepta, while Adam Reynolds will become executive chairman of MHC

As a cash shell MHC will have balances of around £5.7m, after deducting all expenses associated with the disposal.

It is proposed that it would review acquisition opportunities in a variety of sectors, as well as considering a return of cash to shareholders.