Local first-time buyers snap up busy Devon pharmacy
Specialist business property adviser, Christie & Co, has announced the sale of Crediton Pharmacy in Crediton, Devon.
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Crediton Pharmacy is a community pharmacy that dispenses an average of 9,700 items per month. It occupies a prominent trading position on the high street in the Devon market town of Crediton, near Exeter.
The business has been owned by Osman Hamid for the last 10 years and was brought to market to allow him to concentrate on his other business interests.
Following a discreet sales process with Jonathan Board at Christie & Co, and with funding sourced through Gary Boyce at Christie Finance, it has been purchased by local first-time buyers, Nivitha Mutakoduru and Nija Nambiar.
Osman Hamid, the previous owner of Crediton Pharmacy, comments, “It is lovely to know that the business has been entrusted to new owners who I am confident will continue its legacy. I have no doubt they will bring fresh energy and new ideas to lead it forward successfully. Seeing it in such capable hands makes this transition both meaningful and exciting.”
Nivitha Mutakoduru and Nija Nambiar, the new owners of Crediton Pharmacy, comment, “We are delighted to have acquired Crediton Pharmacy near Exeter – it is an area we know well as we live locally. We look forward to further developing the pharmacy and just can't wait to get started, as it has been an ambition of ours to own a pharmacy for some time.”
Jonathan Board, Director – Pharmacy at Christie & Co, comments, “Crediton Pharmacy offered an excellent opportunity for a local, more hands-on operator to take on an established community pharmacy and I’m sure Nivitha and Nija will do very well there. I was also delighted to sell this business again, having sold it to Osman previously. Despite ongoing operational challenges in the marketplace, it is showing remarkable resilience and there remains significant demand for well-established, well-located pharmacies such as this one. I am sure Nivitha and Nija will make a success of this business, and I wish them all the best for the future.”
Gary Boyce, Director at Christie Finance, comments, “Crediton Pharmacy offers a great opportunity for Nivitha and Nija to utilise their knowledge and skills gained in key roles performed to date. By implementing their exciting plans, they will be increasing the range of additional services and in doing so, take Crediton Pharmacy to another level. I look forward to seeing them and their business go from strength to strength.”
The seller was advised by Rubric Law, and the purchaser was advised by Howman Solicitors.
Crediton Pharmacy was sold for an undisclosed amount.
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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
Contact the agent:
Jonathan Board, Director – Medical
P: 07775 807 071 or E: jonathan.board@christie.com
Visit Christie & Co’s Business Search page to find out more about current medical listings.