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20 February 2019 | Pharmacies

Christie & Co’s Medical team provides valuation services for group of Scottish pharmacies

Acting on behalf of HSBC, specialist business property adviser, Christie & Co carried out the valuation of the portfolio of M&D Green Dispensing Chemist Limited and W.B. Penman Limited, a group of pharmacies located across Scotland.

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The group is the leading pharmacy operator in Scotland, having recently purchased Thomas McLean & Sons Limited, a Glasgow-based retail pharmacy operator. Christie & Co’s Medical Valuations team was appointed to provide valuation support on the properties within the portfolio ahead of its refinance assessment by HSBC, as part of its plans to expand with the backing of the new banking facility.
 


The community pharmacy assets valued by Christie & Co comprised 13 M&D Green and four Penmans pharmacies. The majority of the sites sit in proximity to major Scottish towns and cities, including Glasgow, Edinburgh and Paisley. 

Well-operated and well-established in their locations, the fully managed pharmacies maintain a clear and consistent level of trade, with the majority of income being generated through NHS prescription processing. 

Grant Bett, Relationship Director at HSBC UK comments, “Our strategy is to support ambitious businesses in Scotland and M&D Green Group demonstrates clear and ambitious plans for growing across the country. 

“We are delighted to complete a full refinance and acquisition funding deal to support them in their programme for growth, refurbishment and rebranding.”

Christopher Vowles, Head of Valuation – Medical at Christie & Co comments, “This was a really good instruction for Christie & Co, emphasising our regional and national coverage which provides our clients and their respective clients with professional, market leading advice.”

“The Pharmacy sector continues to show great value, performance and resilience, with the many opportunities presented for businesses within the industry across the UK a key indicator of the strength of the market.”