11 April 2016 | Pharmacies

Saffron Pharmacy Group buys first London site through Christie & Co

Specialist property adviser, Christie & Co is pleased to announce the freehold sale of Fontain Pharmacy in Fulham, London.

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Owned for exactly 18 years by the previous occupier, the business has now been sold to Amarbir Johal who owns seven other pharmacies in the Midlands. These operate under the Saffron Pharmacy Group, a family-owned business which Mr Johal runs with his son. This site is Mr Johal’s first acquisition in London.

The pharmacy, averaging around 20,000 NHS items per month, has an annual turnover of £2.4m with potential for further growth.

Mark Page, Director at Christie & Co who managed the sale comments: “There was fierce competition for this site situated in a prime London location. Mr Johal fought off other bids from several corporate brands to secure the purchase adding an eighth business to his group.

“The competition that we saw for this site goes to show how strong the demand for pharmacies is in West London. Whenever a pharmacy like this comes to the market, we see multiple bidders showing interest, and as a result, businesses are often sold in excess of the asking price.

“In this particular case, we invited offers and received a number of bids from across the country. Mr Johal and the Saffron Pharmacy Group proved to be the strongest of the potential purchasers and we are delighted to complete this purchase with him.”