12 Pulse Pharmacy stores and management arm in receivership

Receivers have been appointed to a number of Pulse Pharmacy stores across Victoria, while a management services business within the group has also been placed in receivership following a tumultuous year for the business.

David McEvoy and Daniel Bryant of PPB Advisory have been appointed as receivers and managers over 12 pharmacies owned by Aujard.

The pharmacies concerned are located in Victoria, Queensland and New South Wales. 

The new development comes only weeks after chief executive and founder Rohan Aujard told SmartCompany a property company behind the chain was placed in administration, although he said at the time this was due to a routine restructure.

But PBB said the secured creditor – believed to be Nab – had called in the receivers “as a result of concerns over the ongoing financial position of these pharmacies.”

The pharmacies will continue to trade, and PBB will start a sale program next year.

Aujard was contacted by SmartCompany this morning, but refused to comment.

According to the Australian Securities and Investments Commission, Pulse Pharmacy Management Services was placed into receivership on December 20.

Meanwhile, Pulse-owned chain Vitamin Me has also been hit by an application to wind-up the company. That chain was sold to Pulse in 2009 after being co-founded by entrepreneur Phillip Weinman. 

The VitaminMe online store is currently down, due to what it says are “unanticipated stock demands”.

It was revealed last month that a company called Pulse Pharmacy Pty Ltdhad been placed in receivership, but receivers PPB said at the time it didn’t affect the retail stores, which continued to trade.

“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.

At that time, Aujard also told SmartCompany that NAB was trying to shift the financing of the group out of the Pulse Pharmacy name, and that it was trying to put leases into the name of each store’s owner.

PPB was also contacted this morning, but a reply was not available prior to publication.