Data derived from the first Buyer Registration Index shows a healthy overall increase of 46 per cent in pharmacy registration figures from 27 April - shortly after the UK government announced the beginning of the gradual easing of lockdown restrictions - to 22 June 2020. Christie & Co expects this general trajectory of increased activity to be maintained, particularly as banks begin to focus more actively on new lending.
The Index also reveals that all sectors experienced a significant drop in registration figures at the beginning of lockdown but, when they began to rise again, the pharmacy sector, compared with the company’s seven other sectors, saw a steadier rise in figures than the others - the average rise across the sectors was found to be 70 per cent.
Although contractors have, no doubt, found it challenging to adapt to the changing circumstances, the pharmacy market has continued at a stable pace. Since the beginning of March 2020, through to the end of June, Christie & Co successfully negotiated 81 sales, following receipt of over 210 offers against pharmacies it has for sale. The company also launched 26 pharmacies for sale and exchanged or completed on 32 sales. With an additional 22 sales agreed in July this further supports the ongoing appetite and confidence in the sector.
Tony Evans, Head of Pharmacy at Christie & Co, comments, “Whilst at the outset of the pandemic, pharmacy services were placed under significant pressure, both through increased dispensing and retail sales activity, the sector fared far better than many. The £370 million of advanced funding provided throughout the pandemic has been of much needed support, although it is yet to be understood as to when and how this will be reconciled in the future. It will be interesting to see how the outcome of the current negotiations between the PSNC and the DHSC deals with this whilst at the same time recognising the important role pharmacy has played.”
“Regardless of this, alongside the heightened profile pharmacy has generated over recent months, the appetite for pharmacy opportunities has grown and this is evidenced by the sales volumes we have witnessed.”
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