Kent pharmacy snapped up by ‘young family’ after attracting ‘multiple bids’
A community pharmacy in Gravesend, Kent has been sold for an undisclosed price after its attractive location sparked “multiple bids”, a broker has announced.
N. B. Pharmacy was put on the market to allow Nirmal Bajaria – who owned the business for almost 40 years – “to pursue a well-earned retirement”, Christie & Co announced yesterday (April 11).
Director of medical at Christie & Co Mark Page said that the pharmacy had attracted “multiple bids” because of its “prominent trading position, proximity to the local surgeries and the main M2 motorway, as well as the potential of the business”.
The standard hours pharmacy, which dispenses an average of 6,393 items per month, was bought for an undisclosed price by first-time buyers Venkat and Preeti Adama from Essex, the broker said.
It comes as a pharmacy in central London’s Zone 1 last month sold in less than six weeks following “high demand”.
“Young family”
Mr Page said he was “delighted” for the new owners, who he said were “a great fit for the area and will introduce some fresh ideas to the pharmacy”.
He also wished Mr Bajaria a “very happy, long and well-deserved retirement”.
Mr Bajaria said that putting the business up for sale after 39 years had been “a difficult decision”.
But he said he “was very pleased with the high number of viewers” and feels “delighted that a young family bought my pharmacy”.
In January, Christie & Co warned that the community pharmacy sector would continue to face challenges related to inflation, drug prices and staffing issues throughout 2023.
However, activity in the market remains “positive”, the broker’s 2023 business outlook report said.
Later that month, Christie & Co’s head of pharmacy Tony Christie told C+D that the trend of multiples selling off branches was “positive” because this will allow “more pharmacies coming back into the independent sector”.
