Pair of Walsall pharmacies sold to family-owned operator
Specialist business property adviser, Christie & Co, has announced the sale of a pair of long-established pharmacies in Walsall, West Midlands.
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The two pharmacies, BDS Pharmacy in Gillity Village and Stevenson Chemist in Cheslyn Hay, are standard-hour community pharmacies that dispense a combined 20,000+ items per month.
The pharmacies have been owned by Mr Ajmel Sodhi since 1972 and 1992, respectively, and were brought to market to enable retirement.
Following a confidential sales process with Carl Steer at Christie & Co, and with funding sourced through David Ward at Christie Finance, both pharmacies have been bought by the Riaar family, who also own Yew Tree Pharmacy in Walsall and Wards Chemist in Handsworth Wood, both purchased via Christie & Co.
Carl Steer, Director – Pharmacy at Christie & Co, comments, “The best part of this job is when you get to act for truly nice people, and I was blessed to act for and sell to lovely people, even better when it is to enable retirement after a long and successful career. The sale was offered off-market to a select group of buyers two to three years ago, but our client decided not to sell at that time. The second time around, we took the same off-market approach and swiftly secured a sale to the Riaar family to buy the goodwill of both pharmacies and the freehold interest in Stevenson Chemist. This is now four pharmacies we have sold and funded for the family, with one more to follow, as they are soon to complete a fifth pharmacy purchase.”
David Ward, Senior Director at Christie Finance, comments, “Having supported the financing of their first pharmacy, it was a pleasure to assist Jas and Ian with their continued growth in the pharmacy sector. While some lenders remain cautious about rapid expansion, others take a more pragmatic, case-by-case approach - an approach that proved successful in this instance.”
The pharmacies were sold for an undisclosed price.
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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
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