OMMG Founder, Feisal Nahaboo, has revealed that his pioneering 100+ store pharmacy group Alitam, his second Overnight Multiple Merger, has increased turnover by 24% since inception in late 2019. All the growth is organic and on a ‘like for like’ basis.
This will come as little surprise to industry insiders of the financial and accountancy worlds, who have already watched Nahaboo transform business capability and profitability with hundreds of businesses over the past 20 years. He is widely recognised as being an expert in helping businesses maximise profitability by reducing P&L costs, and whilst supporting equity directors to launch new services among their client bases.
Indeed, with his revolutionary new M&A vehicle, the Overnight Multiple Merger Model (OMMM), Nahaboo created a leading accountancy firm, Xeinadin, comprising a mass merger of 122 independent accountancy firms, seemingly ‘overnight’. He engineered a number of different marketing and financial strategies to exponentially increase Xeinadin subsidiaries’ profit. Many are now exhibiting record profit levels following Nahaboo’s initial leadership as founder from May 2018 to December 2020.
After manufacturing a world record merger and consolidation process of 122 accountancy practices spanning just 256 working days, Xeinadin equity partners received significant pay outs on private equity investment due to his initial work in building Xeinadin into a highly profitable company. It’s due to this high profit that business valuations reached treble that of the industry standard. Unsurpisingly, the accolades have poured in from equity directors such as Bob Stebbings who said,
“You have to work with Feisal to believe it: this man is a force of nature who can achieve the seemingly impossible. It’s an honour to have worked by his side.”
Neil Ballard is fulsome in his praise, ‘It’s all down to Feisal’s vision, and his trust in me, that my entire life is changed for the better.’ While Melinda Atkinson says, ‘I thank Feisal for his vision and ability to bring the most conservative members of a profession together and give us a sustainable model that replaces traditional accountancy practice models which no longer worked.’ And from seasoned accountant Craig Roche, ‘Feisal’s leadership, vision and endeavour have ultimately provided financial security, not only for me, but for my children and my elderly parents. For that I cannot express enough gratitude.’
Just as Xeinadin was formed around Nahaboo’s visionary multi-service platform, offering the full range of accountancy, financial, legal and HR assistance to clients, Alitam also has a visionary mandate: to deliver a preventative healthcare service which truly meets the health and wellbeing needs of the nation; thus reducing the burden on NHS services such as GPs and hospitals. All of which is underpinned by Nahaboo’s meticulous business strategy to capture his vision within a large-platform business consisting of one hundred plus subsidiaries.
As he explains, “Business strategies for developing profitability are in my blood. There were 7 key reasons why Alitam pharmacies sales soared.
In early 2020, I sat with the main pharmacy equity director of each subsidiary, explaining how they could be more cost-efficient – by addressing matters in their P&L more effectively. This additional profit allowed stores to headhunt highly skilled and qualified personnel to boost the clinical offering instore – meaning communities could be more fully served, while sales increased. Now you can walk into an Alitam pharmacy and receive expert medical help on an extensive offering from sore throats, ankle sprains and minor wounds, to travel vaccinations, seasonal vaccinations and diabetes checks.
Alitam pharmacies could also widen their remit by harnessing the experience and wisdom of their Alitam peers who already featured certain services in store – such as stop smoking clinics, men’s and women’s health checks, weight loss, travel clinics, hair loss and many more.
Meanwhile, pharmacies began to endorse and recommend fellow Alitam pharmacies to patients, so we could capitalise on the specialisms offered within the group. To patients, of course, this meant they had a source of help, no matter what.
Key to all of this is patient education – making local customers aware of the scale of clinical help a pharmacist can provide. This was achieved through digital marketing, in store marketing as well as local PR activity.
The inception of Alitam coincided with the first wave of the Covid-19 pandemic and footfall naturally increased, as other high street businesses were forced to close. But Alitam pharmacies ran training programmes with their staff, to ensure their teams built strong relationships with customers – making them aware of the extent of clinical services available such as weight management, blood pressure checks, ear irrigation, minor ailments clinics and more whilst hospitals and GPs were closed managing their pandemic crisis. Staff were also trained to empower patients to proactively look after their health and, hopefully, avoid burgeoning issues. We installed digital screens instore, and in shopfront windows, to display details of current, and brand new, health services available. We also built robust patient databases, which meant we could effectively target patients with a tailored healthcare offering.
Alitam pharmacy equity directors focused on optimising customer flow through the store, and ensured their team of pharmacists were utilised most effectively.
Sales also increased due to optimal use of consultation rooms, wherein clinical services supporting cold and flu or sports injury clinics could run at capacity each day. Having become accustomed to this new modus operandi, many Alitam pharmacies are very keen to expand their offering even further. Last week I announced our strategic partnership with Pharmadoctor, which will enable a mass roll-out of the aforementioned GP-style services across Alitam stores, and lift a huge burden from primary care services. We have another 3 partners to name shortly – all supplying Alitam pharmacies with digital tools, resources, knowledge and training to deliver additional medical services.”
With a number of Alitam pharmacies rolling out new medical services it seems likely that his forecast of 10% ‘like to like’ growth will be achieved in the near future. But growth may be further than that, considering Nahaboo’s five year pharmacy acquisition programme for Alitam. This includes acquiring 50+ pharmacy stores a year for the next 5 years. Nahaboo forecasts that 50% of all his acquisition targets will be offering an extensive medical service programme in their stores, which will increase organic growth further.
Founder“We’ve seen through the popularity of our vaccination clinics and medical and wellbeing clinics, just how badly these are needed. And Alitam is set to go much further. I recently announced a multi-billion-pound plan to launch a chain of ‘Super Pharmacies’ across the UK and Ireland within the next ten years,” says Nahaboo. “These Super Pharmacies will offer everything from highly regulated ophthalmic and audiology services to physiotherapy and even midwife-led care. It’s about giving the people of our nation the healthcare, and quality of life, they deserve. We’ve been planning our strategy and implementation programme for 2 years and now I have the Alitam infrastructure to increase the roll out programme. Far too many pharmacies are not being brave enough to extend beyond traditional pharmacy services – so part of our remit is to help them in this regard; offering the hand of guidance and mentorship to pharmacies everywhere, and improving the health of our communities overall.”