Two London pharmacies sold in one week to trios of ‘experienced’ buyers
A “very popular” Walthamstow pharmacy and a “well-presented” Hammersmith pharmacy have each been sold to trios of experienced buyers, specialist property adviser Christie & Co has announced.
After running Leyton Green Pharmacy in Walthamstow for 15 years, previous owner Raj Baxi sold the business to retire, Christie & Co announced yesterday (September 14).
The North East London pharmacy was purchased by a trio of pharmacists led by Abdul Subhan for an undisclosed price after the “very popular” property received “a range of bids”, the property adviser said.
It added that the new owners have already purchased one other pharmacy with Christie & Co.
The broker said that the group plans to grow the business, which already dispenses an average of 2,697 items per month, by increasing items and offering advanced services.
“Delighted to expand”
Former owner Mr Baxi said that he would miss his “loyal customers” after “nearly 15 years in Walthamstow” but was “pleased for the pharmacy to go to experienced operators”.
Mr Subhan added that the new owners were “delighted to expand [their] group into Walthamstow” and are looking forward to improving the pharmacy’s clinical services, including through “the introduction of a free prescription delivery service”.
Mark Page, director of pharmacy at Christie & Co, said that the trio “progressed quickly on this very smooth transaction, which took just five months from instruction to completion”.
Sister act
It comes as earlier this week (September 12), the broker also announced that Hammersmith Pharmacy was sold for an undisclosed price to Mariam Moshref from Fulham Pharmacy and her twin brothers Arya and Jaan Moshref.
A Christie & Co spokesperson told C+D that the pharmacies were sold within a week of each other.
The West London pharmacy, which dispenses an average of 5,920 items per month, was previously owned by multiple operator Ravi Patel from R P Healthcare Limited and was brought to market “as part of a strategic divestment from the area”, it said.
Mr Patel wished Ms Moshref and her brothers “all the very best” and said he was “delighted that this fantastic pharmacy has gone to an experienced local operator”.
“We’re very pleased and excited to be expanding into Hammersmith and look forward to continuing with the good work done by the previous owner,” the siblings said.
Independent market “robust as ever”
Christie & Co’s Mr Page said that the “well-presented” pharmacy’s location on the “very busy” Fulham Palace Road offered an opportunity for “excellent passing trade”.
He added that the sale “demonstrates that the independent market for quality, profitable pharmacies remains as robust as ever”.
Meanwhile, the numbers of branches held by large multiples are dropping.
C+D reported last month that Lloydspharmacy has dropped to third-largest multiple in England after disposing of 461 branches – almost 50% - in just nine months, according to NHS England (NHSE) data.
