Fairbrother Pharmacy in Wisbech is a “well-established, standard-hour, family-run community pharmacy” that dispenses “an impressive 25,000+ items per month” on average, Christie & Co said yesterday (February 23).
The pharmacy has been owned by the Patel family since the year 2000 but “was recently brought to market to allow the parents to retire”, it added.
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It was purchased by “experienced London operator” Ravi Patel of Lordchem Ltd following a confidential sales process with Christie & Co, the broker said.
The pharmacy was sold “for an undisclosed price”, it added.
"A credit to the Patel family’s hard work”
Director of medical at Christie & Co Mark Page, who handled the sale, said that Fairbrother Pharmacy “is a credit to the Patel family’s hard work and commitment”.
The “exceptional pharmacy” sits in the “top 5%” in terms of volume in the UK, he added.
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Former owner Mina Patel said it “was a pleasure to serve all our loyal customers at Fairbrother Pharmacy, which had been in our family for over 20 years”.
“Record numbers of enquiries”
Meanwhile, Mr Page said that Christie & Co is “seeing record numbers of enquiries”.
“The market continues to recognise and respond to quality pharmacies”, he added.
Associate director at Christie Finance Alena Ray, who sourced funding for the buyer, said she was able to ensure a “swift completion” thanks to receiving “multiple offers from lenders”.
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“It was a great experience working with Ravi to complete the transaction in a matter of four months which is exceptional for a pharmacy transaction that was far from straightforward,” she added.
“I have no doubt Ravi and the team will take the business to the next level with their business acumen and wish them all the success for the future,” she said.