The Pharmacist Network Group Acquires MORPh Following Major Investment from Growth Fund 1
Northumberland, UK – May 2025 – The Pharmacist Network Group (TPN), a rapidly growing clinician-led healthcare company delivering workforce and training solutions to the NHS, has received a significant investment from Growth Fund 1 (GF1), a boutique private equity firm founded by entrepreneur Toby Dixon. As part of the deal, TPN has acquired Worcester-based MORPh, a pharma-funded training and consultancy firm known for its innovative support in aligning NHS and pharmaceutical efforts to improve patient outcomes.
Founded in 2020, TPN now employs over 200 pharmacists and pharmacy technicians and supports practices across England. The acquisition of MORPh will enhance its in-house training and consultancy offerings, furthering its mission to deliver better care for patients through clinical excellence and innovation.
“We are incredibly excited about the future with Toby and his team on board,” said Ryan Smith, CEO of TPN. “We are a clinician-founded and led organisation with a strong record of delivering services to benefit patients and healthcare professionals. The acquisition of MORPh gives us the tools to stretch further and innovate in patient care.”
This transaction marks the first investment by Growth Fund 1, which takes an activist, founder-first approach to private equity. The fund is focused on helping a select number of companies scale, drawing from Toby Dixon’s own £30 million exit from recruitment firm Marlin Green in 2021.
“Backing founder-led businesses with passion and vision is at the heart of our approach,” said Dixon. “TPN is exactly the kind of company we want to work with – impactful, innovative, and led by people who understand the sector. Our minority capital model and board-level involvement will support them as they grow.”
TPN, which now operates offices in Northumberland, Leeds, and Worcester, also gains access to MORPh’s 16,000-strong pharmacist membership network, enhancing its national footprint and patient impact.
Legal support for the transaction was provided by Squire Patton Boggs and Leeds-based Progeny Group. The deal completed in May 2025.
