High-dispensing 100-hour pharmacy in Atherstone now sold
Specialist business property adviser, Christie & Co, has announced the sale of Atherstone In-Practice Pharmacy in Warwickshire.
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Established in 2013, Atherstone is an extended-hours pharmacy that dispenses an average of 23,000 items per month. It is located in a densely populated residential area in the Warwickshire town of Atherstone, in the town centre.
The pharmacy was owned by the GP partners at Atherstone Surgery.
Following a confidential sales process with Carl Steer at Christie & Co, and with funding sourced through David Ward at Christie Finance, it has been purchased by an established consortium of buyers headed by Jay Sahota who also owns and operates Atherstone Pharmacy in the town.
Carl Steer, Director – Pharmacy at Christie & Co, comments, ‘’At the time of instructing Christie & Co, the business had a 100-hour contract but soon after this the landscape changed, with many 100-hour operators novating to extended hour contracts and many operators choosing to reduce hours to 72 hours per week. This had a huge impact on the popularity of 100-hour/72-hour contracts and saw very good levels of interest in this sale, where offers and a sale were quickly secured.”
David Ward, Senior Director at Christie Finance, comments, “Following the mass of corporate pharmacies hitting the market over the last 24 months, lenders have been a little more cautious on finance for pharmacies, looking closely at the ability of any pharmacy to easily cover its outgoings. The reduction in the base rate will certainly help to ease some of those concerns. Jay and his partners are hugely experienced Pharmacists and I am certain that they will continue to provide a valuable community service to Atherstone.”
Atherstone In-Practice Pharmacy was sold for an undisclosed price.
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For further information on this press release, contact:
Phoebe Burrows, Associate Director – Corporate Communications
P: 07540 063 598 or E: phoebe.burrows@christie.com
Contact the agent:
Carl Steer, Director – Pharmacy
P: 07917 475 229 or E: carl.steer@christie.com
Contact Christie Finance:
David Ward, Senior Director
P: 07815 803 262 or E: david.ward@christiefinance.com
Visit Christie & Co’s Business Search page to find out more about current medical listings.