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15 September 2017 | Pharmacies

Family pharmacy group buys Houghton Pharmacy in Tyne & Wear

Specialist property adviser, Christie & Co has sold Houghton Pharmacy in Houghton-le-Spring, Tyne & Wear. The business was established in 2013 and had developed a strong reputation in the local area.

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Specialist pharmacy finance broker, Christie Finance has assisted Whitfield’s Pharmacy, a North East based pharmacy group, with funding to acquire Houghton Pharmacy.

Karl Clezy, Business Agent in Christie & Co's Newcastle Office who brokered the sale comments, "There was significant interest in this pharmacy from all types off buyers, including first-time buyers and independents.  The deal was agreed with the eventual buyer after only a couple of weeks on the market.  This proves again, despite the funding cuts, there continues to be a very high demand for pharmacies in the north east region.”

Craig Dickson, Director at Christie Finance, helped the new owners, Whitfield’s Pharmacy with the funding required to support the purchase of Houghton. Whitfield’s Pharmacy is a local, family run business consisting of eight pharmacies. Their first branch opened in 1919 with the company currently run by fourth generation members of the Whitfield family.

With the new owners' expertise, Craig was able to broker a finance deal on competitive terms via a High Street Lender. He comments, “I was delighted that I was able to assist the directors of Whitfield’s Pharmacy to acquire their newest branch. Houghton Pharmacy is in safe hands and is set for continued success with these experienced owners at the helm. The pharmacy sector remains a popular choice for lenders and prospective buyers should take advantage of the wide range of competitive options in the marketplace.”