11/29/2018 | Pharmacies

Glasgow pharmacies sold experienced operators through Christie & Co

Specialist business property adviser, Christie & Co has completed on the sale of two pharmacies, LG Pharmacy and Colin Fergusson Pharmacy, both of which are situated just outside the Glasgow city centre.

LG Pharmacy, a well performing community pharmacy situated in Kelvinside, a highly sought after area of Glasgow, was sold to a local multiple operator. The pharmacy enjoys a prominent location within the local community, collecting prescriptions from several GP surgeries located nearby and dispensing an average of 3,320 NHS items each month. Christie & Co received 13 offers for the pharmacy at the closing date.

Previous owners, Lisa & Michael Christie from Glasgow owned the pharmacy for the past eight years. They decided to sell to focus their efforts on their other pharmacy in Glasgow and comment, “We decided to sell one of our pharmacies with a view to reducing my hours and in preparation for semi retirement in a few years. The market seemed buoyant from other sales we had heard of and we decided to test the water. We were blown away with the interest and are very happy that James has taken over.”

LG Pharmacy has been acquired by James Innes, who also owns two other pharmacies outside Glasgow.

Colin & Ann Fergusson Pharmacy in Balornock, Glasgow is situated north of the city centre and dispenses an average of 8,500 NHS items each month. The well run pharmacy was sold to a local group operator in an off market transaction.

Following 17 years of ownership, previous owners, Colin & Ann Fergusson are approaching retirement, however they will continue to run their other pharmacy in Glasgow. 

New owner, Keith Willis of Willis Pharmacy, who owns four pharmacies in the west of Scotland, was keen to acquire more pharmacies in Glasgow. He comments, “I identified Colin & Ann’s pharmacy in Balornock as a potential acquisition due to its ideal location and the fact it was a well-run pharmacy with an excellent reputation for care.”

Karl Clezy, Director at Christie & Co comments, “We are delighted to announce the sales of these two Glasgow pharmacies. While Colin Fergusson Pharmacy in Balornock was a discreet off-market sale, LG Pharmacy generated significant interest from a wide variety of buyer types, from first time buyers to regional groups. A total of 13 offers were received at the closing date after only four weeks on the market. 

“We achieved high sale prices on both transactions, demonstrating Glasgow is leading the way in pharmacy values across the whole of the UK. In England, Wales and Northern Ireland, ongoing pressures from government cuts and Category M clawback are making life tougher for contractors. As a result, we are seeing more buyers view Scotland as a safer haven to invest their cash.”