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02 March 2020 | Pharmacies

Boots UK appoints Christie & Co to manage sale of 44 pharmacies as part of transformation plans

Boots UK has appointed Christie & Co to manage the sale of 44 pharmacies located across England and Wales, offering an exciting opportunity for first time buyers and independent pharmacists to buy a pharmacy previously run by Boots.

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These pharmacies are part of Boots UK’s plans announced in June 2019 to consolidate or close around 200 stores in 2020.

Tracey Clements, Chief Operating Officer, Boots UK said, "We very much hope that these pharmacies continue to grow under new ownership. We are sure they will provide a fantastic opportunity for talented pharmacists to create a great local business. The decision to sell or close a pharmacy is never easy, but we are continuing to invest in our wider store network by making our retail, pharmacy and online offer even more differentiated and personalised, with the best brands at the best value.

We are supporting our colleagues in the impacted stores and are keeping them fully updated on the potential sale of their store.”

Specialist business property adviser, Christie & Co, has been instructed to market the pharmacies for sale. The pharmacies will be sold as going concerns, including all stock, and fixtures and fittings included.

Tony Evans, Head of Pharmacy at Christie & Co said, “We are delighted to have been appointed by Boots UK to market 44 pharmacies by way of asset sales. With dispensing volumes varying from 1,100 to in excess of 9,000 items per month, the pharmacies occupy either community, high street or health centre environments. The pharmacies offer a tremendous opportunity for first-time buyers and existing independent contractors, as well as regional multiple operators, to acquire corporately-owned pharmacies that are rarely available on the open market, as a result of which we anticipate that strong interest will be generated.”

Gary Boyce, Director at Christie Finance added, “Working closely with our Christie & Co colleagues, we are available to discuss funding opportunities with interested parties to support potential acquisitions. With robust funding appetite in the pharmacy sector, through our established banking relationships, we look forward to working on this exciting project.”

All sales are planned by May 2020. For more information or to register interest please visit www.projectecho-christie.com.