Pharmacy founders debut on rich list

Cathie Reid and Stuart Giles have made the AFR Rich List for 2020 with a net wealth of $550 million

Brisbane-based pharmacists and partners Cathie Reid and Stuart Giles have made their debut on the Australian Financial Review Rich List at number 195, with a net wealth of $550 million between them.

The couple are co-founders of Icon Group, the nation’s largest cancer care services provider valued at more than $2 billion.

Ms Reid and Mr Giles are also co-owners of the 28-site Epic Pharmacy chain, although according to the Financial Review, they are finalising the sale of their majority stake for about $37 million.

They have also reportedly been selling stakes in Icon Group, although AFR says they still own about 5 per cent.

Both attended Monash University’s Victorian College of Pharmacy in the early 1990s. It was in 1998 that they became engaged and bought their first pharmacy days later.

Over the next few months they bought four more pharmacies. Within a year the husband-and-wife team had 100 employees and turned over $10 million, according to Fairfax.

In 2010 they assumed 100% ownership of APHS, which was to become Epic Pharmacy. That same year, Mr Giles was named the Regional Winner for Ernst & Young Entrepreneur of the Year.

The following year, Ms Reid was named the Commonwealth Bank Business Owner of the Year at the 2011 National Telstra Business Women’s Awards.

“From the time we bought our first pharmacy and throughout our careers as healthcare professionals, our focus has always been on opportunities to find innovative ways to deliver exceptional patient care,” Ms Reid and Mr Giles told AJP.

“The fact that we’ve been able to build a strong business, and also provide an environment that not only attracted great people, but gave them the opportunity to grow and develop their own careers, is really rewarding.

“Whilst the pharmacy transactions currently underway will see us end our direct involvement in the pharmacy ownership space, we are now more focused on investment and advisory roles,” they said.

“Many of those also have a healthcare link so hopefully we can still maintain some involvement in the industry that has been so good to us for so many years, albeit in a more indirect way.”

The couple are among 19 debutants on this year’s list.

“It’s very hard to find new people to add to the Rich List given that the cut off is around half a billion dollars,” said Matthew Drummond, Editor of Australian Financial Review magazine.

The Financial Review Rich List, formerly known as the BRW Rich 200, is a list of Australia’s 200 wealthiest individuals and families, ranked by personal net worth published annually in The Australian Financial Review.

Read the full AFR article here

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