10/4/2023 | Pharmacies

Cardiff pays highest pharmacist locum rate in UK says new Christie & Co report

Today, specialist business property adviser, Christie & Co, launched its Pharmacy Market Review 2023 report, which analyses a range of topics relating to the UK pharmacy business market, including market composition, employment challenges, dispensing and services activity, online pharmacy, and the finance landscape.



As of March 2023, the total number of pharmacies in the UK was 14,328. Between 2022 and 2023, corporate operators saw the most significant decline in pharmacy numbers, with a net loss of 200 stores, while medium-sized pharmacy groups saw a decline of 68. Independently run pharmacies gained 167 pharmacies over the year.

The sector’s composition is now weighted firmly in favour of regional multiples and independent contractors, whilst those companies operating more than 300 have reduced to circa 35 per cent of the overall market.

In Wales specifically, there was a 0.8 per cent decrease in the number of pharmacies recorded, taking it from 730 in 2022 to 724 in 2023. This was next to decreases of 0.2 per cent in Northern Ireland and 0.3 per cent in England, and a 0.2 per cent increase in Scotland.


The sector continues to face pressures as Pharmacists and qualified staff are lured away to GP surgery and PCN roles under the ongoing Additional Roles Reimbursement Scheme.

Data supplied by Locate a Locum - which analysed over 160,000 locum pharmacy shifts for the period July 2022 to June 2023 - shows that, whilst respite in locum costs was aired by some contractors in the first half of 2023, workforce pressures are driving locum rate increases. Between 2022 and 2023, rates rose by 7.6 per cent in Wales, 0.3 per cent in England and 17.5 per cent in Northern Ireland. Scotland, however, saw a decrease of 2.9 per cent to £45.36.

From a cities perspective, rates increased by an average of 3.5 per cent across the UK. The highest increased rate from 2022 to 2023 was in Cardiff, which rose by 30.3 per cent to £42.59. Swansea saw a rise of 21.3 per cent to £45.18, and the rate in Newport rose by 26.6 per cent to £44.39. In contrast, the largest decrease noted was in Inverness where the hourly rate dropped by 14.8 per cent to £50.91.  


In the first six months of 2023, the spread of buyer types was far more even than Christie & Co had seen in recent years, with a third of all sales completed to first-time buyers.

In 2022, 55 per cent of the sales Christie & Co completed were share sales. This has increased in 2023, with H1 statistics showing 57 per cent of sales had been of corporate structures. The company anticipates that the split between asset sales and share sales may narrow as outstanding change of ownership applications are determined over the second half of 2023.


Whilst some respite was witnessed in inflation figures in July, some financial market commentators consider that the implied path for the Bank Rate over the next three years is more likely to be 5.5 per cent, well ahead of that forecast by the Bank of England’s Monetary Policy Committee in its Monetary Policy Report – August 2023. As a result, it is inevitable that the cost of commercial borrowing will not only continue to squeeze trading performances but may also restrict the number of products available in the marketplace.

From January to June 2023, asset finance covered one-third of all finance provided by Christie Finance, with continued strong demand to support the installation of automated dispensing robotics. Activity suggests that many community pharmacies across the UK and Ireland are taking advantage of automation to free up the space, time, and resources needed to become more customer-facing, handle additional services, and grow their businesses.

The report also includes an overview of supply and demand in the market, a review of pharmacy stocktaking services by Orridge, and key Christie & Co activity over the last 12 months.

Jonathan Board, Director – Pharmacy at Christie & Co, comments, “Looking ahead, 2024 should be a year where we see a return to normal market conditions in Wales following what has been unprecedented numbers of disposals by LloydsPharmacy over the last 12 months. Whilst it offered opportunities to the independent sector, which in the mid to long-term will be good for the sector, has caused some disruption to the marketplace for independent sales, which now looks to be behind us.”

To read the full Pharmacy Market Review 2023 report, visit: https://www.christie.com/pharmacy-market-review-2023/


For further information on this press release, contact:
Phoebe Burrows, Corporate Communications Manager
P: 07540 063 598 or E: phoebe.burrows@christie.com