WATCHDOGS have laid down conditions for approving the acquisition of Stockport-based Independent Pharmacy Care Centres by the German-owned Lloyds Pharmacy chain in a £60m deal.

The Office of Fair Trading says it has concerns over a reduction in choice of community pharmacies in certain areas where the groups operate, and has sought undertakings from Lloyds to sell some shops to restore competition.

As long as this is done, the OFT says it will not refer the deal to the Competition Commission.

The deal, announced in April, will land IPCC's founders, Dr Dev Shah and David Brierley, multi-million pound windfalls when it goes ahead.

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