Woodstock Road Chemist in Oxford is a “well-established, renowned community pharmacy” providing NHS and private services, the broker said today (March 14).

Located on a “busy commercial parade”, it dispenses an average of 9,500 items a month and is a short distance to the north of Oxford’s city centre, it added.

Read more: Devon village’s only pharmacy sold for undisclosed amount to former employee

The pharmacy was recently brought to market to allow Riaz Ahmed – who owned the family-run business for nearly 25 years - to “enjoy a well-earned retirement”, Christie & Co said.

Woodstock Road Chemist was sold for an undisclosed price.

 

A business that “ticks all the boxes”

 

Following the confidential sales process with Christie & Co, Woodstock Road Chemist was sold to Mr Kasim Moghal and Ms Sila Topcu - both “local experienced pharmacists making their first move into pharmacy ownership” – the broker said.

Mr Moghal said he is “delighted to have acquired this pharmacy”, which “is a business that ticks all the boxes for us”.

“[Mr Ahmed] and the staff have been an integral part of the community for many years, and [Ms Topcu] and I look forward to continuing his great work, whilst making the business our own,” he added.

Read more: ‘Exceptional’ high-dispensing pharmacy sold for undisclosed price

Former owner Mr Ahmed said that he is “sure” the new owners “will be successful and will grow the business and build on the great relationships we had created”.

“Over the years, with the support of my family and pharmacy team, we had grown the business significantly and, after 25 years, I was keen to retire and for someone to take on my business,” he added.

“[I] am delighted that the sale has now completed,” Mr Ahmed said, thanking the team at Christie & Co for their “hard work”.

 

Vast majority of buyers are independents

 

Director of medical at Christie & Co Jonathan Board said that he was “delighted” to act for Mr Ahmed on the sale, wishing him a “very well-earned retirement” and the new owners “the very best in their new business”.

He added that “the vast majority of active buyers at the moment are independent operators”.

Read more: Young pharmacist acquires first community pharmacy aged 27

“This is a perfect example of what they normally look for – a well-established pharmacy that would benefit from renewed enthusiasm and energy”, he said.

Meanwhile, director at Christie Finance Gary Boyce – who sourced funding for the buyers – said that Woodstock Road Chemist was “ideal for them as capable and enthusiastic first-time buyers”.

 

Read more: I need a loan for my pharmacy business. What makes a good application?

 

“Working closely with them at the outset meant we were able to structure a bespoke loan application that drew on their capabilities and mitigated the challenges that came with the deal”, he added.

 

“This resulted in securing very competitive funding terms, with a bank ready to support their long-term business needs”, he said.