Healthcare group PHX Ireland paid €58 million to acquire the family-owned McCabes Pharmacy group, new financial filings for the company have confirmed.McCabes Pharmacy boss Sharon McCabe agreed a deal in 2023 to sell her network of 31 pharmacies across the State to PHX Ireland, which already operated 82 outlets in Ireland under the Lloyds Pharmacy brand.New filings by the merged company said PHX Ireland, which is owned by the German-based Phoenix Pharmahandel group, paid €58 million to acquire McCabe’s business. The financial statement for the Lloyds Pharmacy business said its network of 81 stores, not including the McCabes pharmacies, recorded sales of €145.9 million in the year that ended in January 2025.Government and medical-scheme payments accounted for approximately 52 per cent of turnover, with €55.7 million generated from the sale of cosmetics and gifts and €14.4 million from the sale of prescription drugs and medicines to private patients. The business recorded an operating loss of €3.2 million compared to an operating profit of €1.4 million the previous year.The loss came about due to a large increase in administrative expenses, despite staff numbers falling from 823 to 775 over the year. Staff pay rose from €32.5 million to €36.5 million, while the company also recorded a €435,000 increase in social welfare costs and €882,000 in redundancy costs.The results largely represent the performance of the Lloyds Pharmacy chain as the McCabes Pharmacy outlets were only absorbed into the group in January 2025. [ CIÉ group earns €6.6m profitOpens in new window ]PHX Ireland’s deal to acquire the McCabes brand was approved by the Competition and Consumer Protection Commission (CCPC) in April 2024, but a provision was attached that it needed to divest two of the 31 McCabes stores. When the addition of McCabes was first announced, PHX Ireland said the combination of the retail pharmacy brands would likely result in a group with turnover of more than €200 million.McCabes Pharmacy reported €73.7 million of sales in 2023, up from €64.1 million the previous year. It reported an operating profit of €395,000 compared to €1.5 million in 2022.Phoenix first established an Irish presence in 2022 through the completion of the McKesson Europe acquisition, which includes United Drug, one of Ireland’s leading pharmaceutical wholesalers and distributors.It also acquired TCP Homecare in Ireland in 2022, which is a provider of clinical home nursing services.