Successful pharmacy manager buys busy Newcastle business
Specialist business property adviser, Christie & Co, has announced the sale of Blakelaw Pharmacy in Newcastle.
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Blacklaw Pharmacy is a busy community pharmacy that dispenses an impressive 15,000 NHS items per month from around 20 surgeries around Newcastle, despite there being eight competing pharmacies within two miles. It occupies a council-owned property in a small shopping precinct.
The business has been owned by Gary Morrow since 2002. He recently decided to sell to retire.
Following a confidential sales process with Karl Clezy at Christie & Co, and with funding sourced through Craig Dickson at Christie Finance, it has been purchased by Aaron Musgrove, a first-time buyer from Newcastle who has experience of managing one of the busiest pharmacies in the North East region.
Aaron Musgrove, the new owner of Blakelaw Pharmacy, comments, “I’m incredibly proud to have taken over Blakelaw Pharmacy, a trusted and valued part of the local community. I’m fortunate to be working with a dedicated and experienced team, and together we’re focused on modernising services, delivering patient-centred care, and ensuring every patient has a positive experience. As an independent prescriber, I will expand our clinical services to improve access to healthcare for the community we serve.”
Karl Clezy, Director – Pharmacy at Christie & Co, comments, “We received significant interest in this high-dispensing pharmacy from a range of buyer types, including first-timers and experienced group operators. We received nine offers, most of which were from within Newcastle. The demand for pharmacies in the Newcastle area is strong at the moment, and there are very few independents for sale on the market. We’re seeing a lot of first-time buyers interested in owning a pharmacy in Newcastle, as well as existing contractors looking to add to their portfolios.”
Craig Dickson, Director at Christie Finance, comments, “Whilst Aaron was a first-time buyer, he has an impressive CV which ensured that lenders could easily get comfortable with his ability to run a pharmacy of this size as his first purchase. We arranged a first-class funding package for Aaron, which will give him peace of mind on that side and allow him to concentrate on running the pharmacy and serving the local community.”
Blakelaw Pharmacy was sold for an undisclosed price.
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For further information on this press release, contact:
Phoebe Hill, Associate Director – Corporate Communications
P: 07540 063 598 or E: phoebe.hill@christie.com
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