The 100hr pharmacy is adjoined to the busy Northlands GP Surgery with over 10,000 registered patients. The exiting owners established the pharmacy in 2011 and due to family circumstances decided to sell the business.
The new owners, Mr Nilesh Patel, Mr Rakesh Vyas and Mr Divyesh Patel are all qualified pharmacists with one of them already owning a 100hr pharmacy nearby. The new owners identified the opportunity to enhance the established business through introduction of advanced prescription services, reducing reliance on locum cover by their joint involvement and adopting established methods of working closer with GPs at Northlands Surgery.
Jonathan Board, Business Agent at Christie & Co Bristol who brokered the sale comments, "I was delighted to be instructed to market this high turnover health centre pharmacy, and knew that the business would generate significant interest. The eventual purchasers were quick to express their interest and agree a deal with the seller."
Specialist commercial funding was required to facilitate the purchase of the pharmacy and Gary Boyce, Associate Director of Christie Finance secured the funding through a High Street Lender. He comments, "The Pharmacy at Northlands is a great opportunity for our clients to purchase. With their experience the local community will benefit from a much wider choice of prescribing services than ever before. They have the full backing of their new bank and we look forward to seeing their exciting plans come to fruition.
“Across the South West, we have helped a growing number of pharmacists to buy their first or second pharmacy and secure them great rates & terms to get these acquisitions started off on the right track."