In-store hearing centres planned

Life Pharmacy plans to set up hearing centres in its stores after signing a contract to buy 51 per cent of audiology businesses Hearing Holdings and Securitenet International.

The hearing companies trade under the name New Hearing Centres and operate businesses in Auckland and Rotorua but the store clinics will trade under the name New Hearing.

The confidential agreed price will be made up of 80 per cent cash and 20 per cent Life Pharmacy shares based on an issue price of 85c. The deal is still subject to due diligence and any regulatory approvals.