Christie + Co, the leading specialist property advisor, has advised on the sale of Medicx Pharmacy Ltd.
The group was brought to sale last year and included 21 high quality and profitable pharmacies, 13 in the North West of England, five in London and the South East, two in Yorkshire and one in Wiltshire.
After only four weeks of marketing Christie + Co generated unprecedented interest in the estate resulting in excess of 200 offers being received. The deal structure includes 10 individual sales and a sale to the current management of nine pharmacies in the North West from which they will develop their business with the backing of Bridges Ventures LLP.
Tony Evans, Director of Pharmacy at Christie + Co, says: “We received a fantastic response to the marketing campaign, demonstrating the strong appetite for pharmacies across the UK. At the outset we invited interest on an individual, sub group and group basis and I am particularly pleased to see many of the pharmacies sell to independent operators and first time buyers. By breaking up the group, a high level of interest was generated across the estate, with some pharmacies receiving well over 30 offers each. This has been one of the largest disposal projects the market has seen for over five years and we are immensely proud that the sales have been successfully completed.”
Steve Jeffers CEO of Medicx commented: “We engaged Christie + Co in June 2014 to undertake a review of the estate and following their initial recommendations they were instructed to dispose of the business. Through a structured approach to the project, an orderly and successful sale was achieved for all involved. We wish all the purchasers the very best in developing these high quality pharmacies to the next level.”
In a JV arrangement with Bridges Ventures LLP nine pharmacies in the North West were acquired by Medicx’s senior management. The Company will rebrand the pharmacies as well as grow the business through further strategic acquisitions.