G Square closes £500m single-asset continuation fund for Pharmacy2U

London, 7 July 2026

G Square Healthcare Private Equity LLP has announced the successful close of a £500 million single-asset continuation fund for Pharmacy2U, described by G Square as the UK’s largest online pharmacy.

The continuation fund was led by Coller Capital, alongside a syndicate of institutional investors. G Square Capital IV is co-investing in addition to the continuation fund, together with re-investing Pharmacy2U shareholders and continued commitments from the management team.

About Pharmacy2U

Founded in 1999, Pharmacy2U has developed a leading digital pharmacy platform serving more than two million patients and dispensing more than 3.5 million items per month. The business offers NHS and private health services, alongside consumer and pet health products.

G Square’s Impact

Since G Square’s investment in 2018, Pharmacy2U has grown substantially, supported by investment in proprietary technology, large-scale dispensing automation, expansion of its clinical and service offering, and a buy-and-build strategy including six acquisitions completed and integrated over the past 24 months.

Looking Ahead

The continuation fund provides capital to support Pharmacy2U’s next chapter, including continued M&A activity, further investment in technology and automation, and expansion of clinical services.

Executive Quotes

Oliver Hoenich, Partner at G Square, described Pharmacy2U as a category-defining business and said the transaction marked an important moment for G Square, reflecting the company’s development into a leading UK digital pharmacy platform.

Deirdre Burns, Executive Chair of Pharmacy2U, said the transaction represented a significant milestone for Pharmacy2U and a strong endorsement of the team, technology and future opportunity.

David Jolly, Partner at Coller Capital, said Pharmacy2U is a high-quality business at the forefront of UK digital healthcare, with strong fundamentals and further growth potential.

Mark Glatman, CEO of Abstract Securities Ltd, commented:

“This transaction has enabled Abstract Securities to successfully realise and conclude its investment in Pharmacy2U. We are very proud to have been involved in this company since just after its inception with this transaction valuing the company significantly in excess of £500m.”

Source: https://gsquarecapital.com/g-square-closes-500m-single-asset-continuation-fund-for-pharmacy2u/

Fresh Frontiers as IP power player takes academic excellence to the world

18 Jun, 2026

Tony Quested

London-quoted Frontier IP Group is leveraging the brainpower of Cambridge and its position as a world-renowned Science & Technology cluster to advance a game-changing proposition.

The company, which commercialises intellectual property, is developing an entire wing (18,000 sq ft) on the ground floor of the South Cambridge Science Centre in Sawston on a 20-year lease.

The master plan is to create an innovation hub, called SC2, by sub-letting top-quality lab space to its portfolio companies and other startup and early-stage technology and life science ventures. But this is no ordinary innovation space.

Frontier IP plans to customise labs to meet the specific needs of each tenant. The foundational development work it is currently undertaking will ensure the facilities are flexible enough to offer future tenants their own bespoke space.

SC2 will support Frontier IP’s growth by reinforcing its position at the heart of the Cambridge ecosystem and by extension, the broader Cambridge, Oxford, London 'Golden Triangle'. The hub will also help the Group to identify early-stage technologies and companies within the ecosystem with good commercial promise. The hub itself will then allow Frontier IP to showcase its portfolio companies and leverage relationships with both existing and new investors.

Most of the IP commercialised by AIM-quoted Frontier IP is developed initially by academics. It becomes involved at a very early stage, often identifying promising technologies while they are still in the labs.

In most cases, it becomes a founding shareholder and receives an equity stake in return for the hands-on commercialisation services it provides, rather than cash. It validates the science or technology by demonstrating that it not only works but also can be scaled up to meet market needs and demands.

Usually, it does this in partnership with external industry partners and investors. The bulk of financial investment comes from outside of Frontier IP so portfolio company valuations are underpinned by external specialists.

When companies are deemed ready Frontier IP will seek to exit, either via an IPO or trade sale. It already has one major exit on its CV - Exscientia, which generated £14 million in returns to Frontier IP in return for a cash investment of under £2,000. Exscientia's first AI-designed molecule was created for Sumitomo Pharma to treat obsessive-compulsive disorder.

With offices in the UK and Portugal and portfolio companies based in Italy and Canada, Frontier IP is one of the UK's powers behind many thrones. The nature of its business means it doesn't have customers directly. However, its portfolio companies are supported by a broad range of industry partners and investors.

Examples include 2D Photonics, which has raised funding from the Nato Innovation Fund, the Sony Innovation Fund, Bosch Ventures, CDP Venture, Indaco Ventures and Join Capital; Alusid, whose customers include Topps Tiles, Starbucks EMEA and continental distributors such as Kakelspecialisten AB, part of Saint-Gobain, FRONT Materials and 3D Wall Panels Italia.

GraphEnergyTech is backed by Aramco Ventures, the corporate venturing arm of Aramco, and is collaborating with Taiwan Perovskite Solar Corporation, the Taiwanese Industrial Technology Research Institute and the University of Cambridge to develop next-generation solar technologies. Frontier IP stresses that the list does not cover all of its portfolio businesses but offers an insight to the type of company it chooses to back and nurture.

Funded via equity fundraisings and the proceeds of selling shares in its portfolio companies - either through initial public offerings or trade sales - Frontier IP was analytical in choosing South Cambs as a potential launchpad to further global growth.

Chief Executive Neil Crabb says: “Cambridge is one of the world’s leading universities for developing the deep, fundamental technologies and life sciences in which we specialise. Having our own innovation hub based at the SCSC reinforces our position within the Cambridge ecosystem and the networks beyond that it taps into, including the Cambridge, Oxford, London Golden Triangle.

“In terms of the SCSC, we were attracted because of the opportunity it gave us to create dedicated, state of the art labs for portfolio companies and potential portfolio companies in a new build site at the heart of the Cambridge ecosystem.

“I am excited by the possibilities offered by SC2. I believe it will provide a basis to transform Frontier IP's growth potential by providing a highly-attractive space and custom facilities to our existing portfolio companies and other potential start-ups and early-stage companies.

“Because it sits at the centre of Cambridge's investor and science and technology networks, the hub will enable us to accelerate the development and scale up of our existing portfolio companies and potential portfolio companies and their progress towards successful exits.”

Source: https://www.businessweekly.co.uk/posts/fresh-frontiers-as-ip-power-player-takes-academic-excellence-to-the-world

Tony Quested

tquested@businessweekly.co.uk

https://www.linkedin.com/in/tony-quested-1baa455/

South Cambridge Science Centre tailors space to your specific needs – and what a space!

Tony Quested

In 35 years with Business Weekly I have yet to see a better value-for-money property proposition than exists at the South Cambridge Science Centre in Sawston.

South Cambridge Science Centre. Photographs courtesy – Abstract Group of Companies.

Quite frankly, it’s a dream come true. Space fashioned to your own specification. Space the first rather than the final frontier. And bespoke options being made available to science and technology businesses seeking an inspirational environment to grow a successful enterprise.

For any S & T company looking to build long term I would seriously urge them to engage as a matter of priority and take a look round before committing to a make or break proposition elsewhere.

Flexibility abounds. Just look at what’s on the table: Tailored space. Sustainable technology oozing from every pore. Facility for electronics and general tech that will not damage the National Grid. Great slab to slab (c4m) provision and all space designed to meet leading vibration criteria for sensitive equipment.

Build into that proposition Incredible parking and extraordinary EV facilities; provision for cyclists that goes way beyond the norm. Even finance can be arranged for occupiers given the right proposition.

And easy access from all major points on the compass as the Centre regales the Dales Manor Business Park close to the Cambridge City soccer ground, Abstract Group of Companies, which has years of fashioning attractive and homely business environments, is steering the venture under the experienced guiding hand of chief executive and former lawyer Mark Glatman.

The first thing to say is that the space options for companies are pretty flexible and a range of possible sizes available, complemented by a ‘serviced’ offering from Frontier IP which is already installed in the premises to offer a guiding hand.

In terms of space that can be made available, the Abstract sweet spot would be to let a whole floor of a single wing (around 15- 20,000 sq ft) but it would consider a minimum size letting of no less than 5-6,000 sq ft, As you will detect the floor space can be divided up extremely efficiently.

To get a further picture of the space, if Abstract were to spread one occupier across two wings, on the first or second floor, it boasts one of the biggest science floor plates in the UK at c43,000k sq ft - on either floor!

To complement this, Frontier IP can offer a ‘serviced’ lab facility within its own overflow space. This will principally be aimed at startups and early stage businesses looking to move into purpose built accommodation and is achievable simply through making a few bench spaces available in a shared facility or providing self contained labs measuring between 1,000 and 6,000 sq ft.

These also come with the benefit of the experience of Frontier IP and its other businesses – an opportunity for mentoring, possible financial guidance, and knitting into a wider network/ecosystem which is being promoted within the Science & Technology community being developed. Versatility of provision is very much to the core.

Abstract can either let the space as is and occupiers can fit out themselves. Or it will price up bespoke fit outs and can rentalise the fit-out over the lease term. To rentalise is the practice of including the cost of property improvements in a lease agreement, where the tenant pays for the landlord’s investment over time through increased rent.

As Glatman explains: “The space is really flexible and works for technology, biology and chemistry. Wet labs, dry labs, ducted fume hoods (we can accommodate heavy chemistry users without the need for additional planning) and offices are all available within the specification that we can work on with prospective tenant companies.”

Abstract has invested more than £60 million into creating the facility and surrounds to date and initial success is just around the corner: The first occupier is likely to move into the space after fit-out completes around March time.

And here’s another important aspect of potential tenancy to consider - generally it takes just 16-20 weeks to complete a fitted space, depending on specification and size. Cambridge being Cambridge, the ease of access from all parts of the region is outstanding in this driver’s opinion but, again, environmental considerations and personal choice of transport options are again to the fore.

In Phase 1 of the development there are 295 car spaces (20 at the attractive front of the building and 275 in a roomy, well designed multistorey car park - and of those latter 86 are E-charging initially and the whole car park is capable of being converted if that is proved to be a requirement. Also, there are 12 motor cycle spaces.

There are a further 100 overflow spaces which will eventually accommodate the envisaged Phase 2 development adding to a total of 395 car spaces currently available. Four wheels good but two wheels equally so in the eyes of the developer which has had the foresight to provide 245 dedicated cycle spaces – as well as E- bike charging points, bike repair facilities and even a wash station. All in a covered and secure facility.

As part of its far-sighted approach, Abstract is prepared to link occupiers to potential funders and will also provide an ecosystem within which where there exists the opportunity for interaction on financing and other aspects of business development which could prove equally fruitful for young companies starting out or more mature businesses keen to access ongoing scale-up support.

This offering might even include direct investment by Abstract where suitable opportunities present themselves. In this eco-friendly age in which we live it is worth mentioning a special feature which took my eye on a recent tour of the facility.

Of all the environmental steps Abstract has taken in the building it is worth noting the Alusid tiles. Alusid makes use of unwanted manufacturing materials that others discard. Taking these materials, it puts them through an ingenious, environmentally low-impact process to give them a new lease of life. The result is a special new material that combines recycled glass and porcelain, to create beautiful solid surfaces and tiles that are bespoke in character and respectful of the planet. The tiles can be found in catering and bathroom facilities throughout the building.

Companies seeking a competitive edge to its proposition will also be interested to learn that one of Frontier IP Group’s portfolio companies - Cambridge Raman Imaging (CRI) - will be installing one of the most sophisticated imaging microscopes in the UK into the new Centre, and this could offer very significant benefits to companies involved in many areas of scientific work, especially involving cell and tissue research.

The technology – developed in Italy – is already gaining universal approval and is likely to prove a significant attraction for occupants of the pioneering South Cambridge Science Centre. It also occurs that much of the so-called ‘science’ space being promoted via the agency community in the Cluster is older, often slightly refurbished, accommodation which is not easily adaptable to the requirements of fast-moving S & T companies and could be hard to shift in years to come.

South Cambridge Science Centre is blossoming from a virgin canvas and the owners are able to expand and evolve the facilities as the years unfold – and without massively expensive outlay. Such flexibility is hard to put a price on but could be worth its weight in gold as time marches on.

Of course you will want to get in touch before you look anywhere else. Email:-Christopher.McPherson@abstractsecurities.com

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Source: https://www.businessweekly.co.uk/posts/south-cambridge-science-centre-tailors-space-to-your-specific-needs-and-what-a-space

Tony Quested
tquested@businessweekly.co.uk
https://www.linkedin.com/in/tony-quested-1baa455/
Business Weekly Latest News

Strategic partnership to develop innovation hub in Cambridge to accelerate scale up and growth

South Cambridge Science Centre

Frontier IP, a specialist in commercialising intellectual property, today announces it has entered into a strategic partnership with Abstract Mid-Tech Limited (“Abstract”), an associate company of Abstract Securities Limited, a specialist in commercial property development, investment and venture capital financing, to create a new innovation hub in Cambridge.

The partnership will see the Group take a 20-year lease on a facility dedicated to start up and early- stage science and technology companies at Abstract’s newly developed South Cambridge Science Centre (“SCSC” or the “Centre”) in Sawston, Cambridge.

Frontier IP intends to sublet space to its portfolio companies and other innovative companies aligned with the Group’s focus on deep technology and life sciences. The Group will also move its commercialisation team, currently based in Duxford, Cambridge, into the facility. In return for becoming an anchor tenant, Abstract has paid Frontier IP an upfront cash payment of £1 million and will provide the space rent free for the first 12 months of Frontier IP’s occupancy.

Developing a facility at the SCSC will enable Frontier IP to cement and strengthen its presence at the heart of a world-leading Cambridge science and technology ecosystem and, by extension, within the UK’s innovation golden triangle of Cambridge, Oxford and London. 

The SCSC is strategically located close to the Cambridge Biomedical Campus, which includes Addenbrookes Hospital, GSK, AstraZeneca, the Babraham Research Campus, Granta Park and Unity Campus. It is close to road and rail links and the city centre. This means it is easy to reach for our networks of industry partners, investors and capital providers in Cambridge and those from further afield in the UK and internationally. The Centre will also provide a base to support Frontier IP’s other portfolio companies from elsewhere in the UK, Italy and Portugal.

The Group believes the innovation hub has the potential to launch a step change in the Group’s scale up and growth since a central, physical location will have the potential to:

• Make it easier to identify and access new deal flow. As well as raising Frontier IP’s profile in the Cambridge ecosystem, the space will offer prospective companies high-quality space and networking opportunities and regular interaction with Frontier IP;

• Accelerate development and growth of new and existing portfolio companies and improve operational efficiency. The Group provides hands-on commercialisation services to start-up and early-stage companies. Direct contact between Frontier IP’s commercialisation team and portfolio companies day-to-day should help to reduce costs and drive projects forward at pace;

• Improve access to funding for the Group and the portfolio. The Centre will enable Frontier IP to showcase companies from across the portfolio to leverage relationships with existing investors and attract new investors; and 

• Accelerate exits and realisations. A central location for Frontier IP and its portfolio companies to support marketing and promotion to corporate partners, funders and acquirers. The Group intends to use the facility as a base for regular events.

Under the terms of the agreement, Frontier IP is taking one floor of 18,000 square feet in the SCSC. The Group will be responsible for the costs associated with the innovation hub, including investment in expanding or improving facilities, but will profit from any rental income above a conservatively modelled breakeven point.

Cambridge is one of the world’s leading centres for innovation and is a magnet for scientists, engineers and technologists. There is strong demand for space in the city and its environs. Frontier IP believes its offering to prospective tenants will be competitive.

It is anticipated that the Frontier IP innovation hub will open by the end of 2025.

Frontier IP Chief Executive Officer Neil Crabb said: “I am excited by the possibilities offered when our innovation hub opens. I believe it will provide the basis to transform Frontier IP’s growth potential. We anticipate that a number of our portfolio companies will move in and that it will prove highly attractive to other potential start-ups and early-stage companies because of its place at the centre of Cambridge’s investor and science and technology networks.

“Our business model is based on identifying promising IP and providing hands-on commercialisation services to build successful businesses. Having a much closer physical presence between our commercialisation teams, portfolio companies and potential portfolio companies will enable us to accelerate their development and scale-up, and, eventually, successful exits.”

Abstract Chief Executive Officer, Mark Glatman, said: “We are delighted to welcome Frontier IP as our first occupier at the SCSC so soon after completing the first phase of development.  This commitment is one of the most significant lettings in the wider Cambridge science market during 2025. It provides a very complementary offering within the space we have developed, creating synergies for a range of potential future occupiers from startups to more established life science and technology companies. They stand to benefit from close proximity to Frontier IP, investors, their portfolio companies and some of the specialist technology they will have in their facilities.”

ENQUIRIES

Frontier IP Group Plc

T: 020 7332 2338

Neil Crabb, Chief Executive

Andrew Johnson, Communications & Investor Relations

Company website: www.frontierip.co.uk

neil@frontierip.co.uk

M: 07464 546 025

Abstract Securities Limited

Mark Glatman T: 07765 231 555

mark.glatman@abstractsecurities.com

Allenby Capital Limited (Nominated Adviser)

Nick Athanas / Daniel Dearden-Williams T: 0203 328 5656

Singer Capital Markets (Broker)

Charles Leigh-Pemberton / James Fischer T: 0207 496 3000

ABSTRACT COMPLETES PHASE ONE OF SOUTH CAMBRIDGE SCIENCE CENTRE IN SAWSTON, CAMBRIDGE

Abstract's completed Phase One building of the South Cambridge Science Centre, finished on April 29, 2025. This flexible laboratory accommodation provides 138,454 sq. ft. of much-needed lab space for life sciences and biotechnology companies in Cambridge.

Mark Glatman's Abstract Securities has announced that its associated company, Abstract Mid-Tech Limited, has completed the first phase of South Cambridge Science Centre (SCSC). The facility is a new state-of-the-art development, aimed at life sciences and biotechnology occupiers.

The three-storey science centre comprising 138,454 sq. ft. – the highest specified space of its kind in Cambridge - was completed on time and within budget to an advanced shell and core specification; enabling the space to be quickly fitted out to the specific requirements of occupiers.

The South Cambridge Science Centre is purpose-built to support the full range of scientific and laboratory applications, offering market-leading vibration control and fume hood capabilities.  The facility is a highly sustainable, net zero carbon development designed to evolve alongside changing scientific needs over its significant design life.

There is parking for 395 cars and 245 bicycle spaces. A fully consented second Phase of 44,650 sq. ft. is planned to follow. 

Mark Glatman, Chief Executive of Abstract, said: “We have seen a lot of activity in Cambridge from building owners looking to refurbish and repurpose older property stock from offices to laboratory use to try and exploit changing market dynamics when demand for offices has been weak. Inevitably, this compromise approach cannot come anywhere close to the performance or indeed the lifespan of a well thought through, purpose-built science scheme designed to provide many years of flexibility such as SCSC. 

“I am confident that there is no better specified science building than SCSC in Cambridge.  The building can be subdivided in a number of ways and accommodate the full range of occupier requirements.

“Not only have we delivered much needed new science and technology lab space within the South Cambridge Cluster but, our very low land price means we have created the best accommodation at a much lower rental than competing developments across the Cambridge market. 

“A complex planning regime, and difficulties in parts of Cambridge with provision of water, power and suitable highways infrastructure  will continue to limit supply and so we anticipate that SCSC will be very well received.”

Christopher McPherson, Development Director of Abstract Securities, said: “We are very proud of SCSC which has been a collaborative design effort from our highly experienced team to ensure we maximise the flexibility of our speculative development.  We can accommodate the full spectrum of science occupiers, and all their needs.  This includes wet labs or dry labs, biology or chemistry, or any other related uses.  In addition, the leading vibration standard across the development, allows the operation of very sensitive or heavy equipment at all levels in the building, and we can offer significant fume hood provision if needed.

“Alongside the completion of SCSC, the adjacent ‘mid tech’ scheme at Accelerator Park completes shortly and provides further evidence of the transition of the wider Dales Manor area into a new science destination in South Cambridge providing a viable and cost-effective alternative to traditional locations in Cambridge.’’

Michael Laird are architects for the development and Bowmer & Kirkland are the main contractor. 

DTRE,  Bidwells, and Newmark are retained letting agents for the South Cambridge Science Centre.

For information about the building or the second phase, please contact: 

Mark Glatman (mark.glatman@abstractsecurities.com) or 

Christopher McPherson (christopher.mcpherson@abstractsecurities.com ) 

www.scambssc.com 

-Ends- 

For media information, please contact:

Pauline Gregory, Pauline@skylarkpublicrelations.com /07833 490964 or

Lisa Mennie, lisa@skylarkpublicrelations.com/  07825 225414  

Editor’s notes:- 

The South Cambridge Science Centre received detailed planning consent in March 2023, was developed on a 5 acre brownfield site in Sawston with construction commencing on 4th September 2023 and completed on 29 April 2025. SCSC offers easy access from Cambridge City Centre (just six miles away) and close to Babraham Research Park, Granta Park and Unity Campus - an established cluster of South Cambridge life science, biotechnology, pharmaceutical and research occupiers. Addenbrooke’s Hospital and Cambridge Biomedical Campus are within a 15 minute drive. The new building is Net Zero Carbon in operation; BREEAM ‘Excellent’ and has an EPC rating of ‘A’.  It also achieves WiredScore Platinum, CyclingScore Platinum and is SmartScore Enabled.

Established in April 2000 by Mark Glatman, the Abstract Group of Companies specialises in commercial property development and venture capital financing. The management team at Abstract is highly experienced at working directly with major property owners and corporate end users, and has developed in excess of 1.6 million sq ft of new office buildings across the UK in the last 7 years, providing new offices for companies including Babcock plc, KPMG, Aker Solutions, Virgin Atlantic, Pension Protection Fund, Zurich UK, and Wood plc, amongst others.  

www.abstractsecurities.com