Bestway has taken formal control of The Co-operative Group’s Pharmacy business in a £620m deal.

The group has the right to operate under The Co-operative Pharmacy brand for a transitional period of 12 months. It has started developing and testing possible new brands for the business, with a new name expected to be confirmed by the end of the first quarter 2015.

In the meantime, Bestway has identified a number of possible sites in Manchester for the new HQ of the pharmacy business.

Bestway will now have an annual turnover of approximately £3.6bn and a global workforce of 33,000 people, with over 11,900 people in the UK.

Zameer M. Choudrey, Bestway Group Chief Executive, said: “We are delighted to have brought The Co-operative Pharmacy business into the Bestway family, adding an exciting fourth pillar to our growing and diverse business portfolio.

“Since announcing the transaction, we have continued to be impressed by the business which has carried on performing strongly, operating ahead of budget.”