Originally formed in 1892 as a company selling solid fuels in South Wales, it was floated on the stock exchange in 1923.

Amalgamated Anthracite Collieries Limited held its first company meeting on 5 September 1923 at the Cannon Street Hotel.

From mid-1925 to at least the end of 1926, all coal mining activities in England had ceased, resulting in major financial problems for the industry.

By the late 1980s, when based in Lincoln, the holding company was turning over £1 billion, though the turnover for the pharmaceutical section was only in the range of £20 million.

[17] AAH entered into a partnership with Alliance Boots in 2007 for exclusive distribution of AstraZeneca products in the United Kingdom,[17] activities slated to begin in 2008.

[19] In April 2022, McKesson's UK businesses – including LloydsPharmacy, the wholesaler AAH, and a travel health service – were purchased by the Aurelius Group.

It has 14 depots around the UK including locations in London, Birmingham, Liverpool, Scotland and Northern Ireland.