High-dispensing Staffordshire pharmacy sold to family group
Specialist business property adviser, Christie & Co, has announced the sale of Hednesford Pharmacy in Staffordshire.
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Hednesford Pharmacy is a standard hours community pharmacy that dispenses an average of 12,000 items per month. It is located on Market Street in the South Staffordshire town of Hednesford.
The pharmacy has been owned by Balbir Ram for over 10 years and was brought to market to enable semi-retirement.
Following a confidential off-market sales process with Carl Steer at Christie & Co, and with funding sourced through David Ward at Christie Finance, the pharmacy has been purchased by the Riaar family, who own four other pharmacies in the West Midlands, all purchased via Christie & Co and funded via Christie Finance.
Carl Steer, Director – Pharmacy at Christie & Co, comments, “Only three years ago, the Riaar family were in regular contact with me after spending nearly two years trying to secure a pharmacy, before finally acquiring their first through us. Little did I know then that, within just two and a half years, I would be selling them their fifth pharmacy. It hasn’t always been easy, but they have been a pleasure to work with from day one.”
David Ward, Senior Director at Christie Finance, comments, “I was pleased to support the Riaar family in the continued expansion of their pharmacy group. Securing funding for rapid growth can be challenging, as most lenders prefer new acquisitions to stabilise before providing additional capital. However, a select group of lenders is willing to back ambitious growth strategies. Leveraging experience in identifying these lenders and structuring a viable proposition is where the Riaar family have benefited, and where opportunities lie for similar entrepreneurs.”
Hednesford Pharmacy was sold for an undisclosed price.
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