Property adviser, Christie & Co, finalised the sale of two pharmacies last week
Since 1990, Glendale Pharmacy in Wooler, Northumberland, has been under the ownership of Andrew Booth, who recently decided to sell it to pursue a well-earned retirement.
According to Christie & Co, the community pharmacy has been acquired by Jagraj Randeva, who owns a small portfolio of pharmacies in Ashington and Newcastle upon Tyne.
Jagraj was particularly drawn to this pharmacy because of its advantageous, unchallenged location and its strong historical performance.
Located near the Cheviot Hills and 17 miles south of Berwick-upon-Tweed, Glendale Pharmacy dispenses an average of 6,600 items per month.
Karl Clezy, Director – Pharmacy at Christie & Co, noted that Glendale Pharmacy has seen an improvement in its trading performance since the start of the marketing process, increasing its prescription numbers and providing more additional/enhanced services.
“This has been particularly attractive for prospective buyers and bodes well for the future of the pharmacy,” he said.
Andrew sold his other pharmacy in Belford through the same broker in 2022.
Clezy added: “It has been great to sell both of Andrew’s businesses for him to allow him to retire from the sector. I wish him all the best and am sure that Jagraj will take Glendale Pharmacy to further success.”
Trio buys Wakefield pharmacy
Last week, the specialist business property adviser also announced the sale of Carlton Lane Pharmacy, located in the village of Lofthouse, between Wakefield to the south and Leeds to the north.
The pharmacy, which dispenses an average of 9,778 items per month, has been owned by Susan Bargh for the last 17 years. It was placed on the market in 2023 as part of her gradual retirement plan.
Following a confidential sales process, it has been acquired by Raif Pharma Ltd, which plans to expand the pharmacy’s services offering.
Susan conveyed her delight in owning Carlton Lane Pharmacy, emphasising its consistent ability to effectively serve the semi-rural community due to its attractive location.
“I am so pleased that the pharmacy has passed onto the Directors of Raif Pharma who inherit an excellent business and team that form a great platform for the growth into services. I wish them all the very best,” she said.
One of the new directors of Carlton Lane Pharmacy highlighted the advantage of inheriting a “well-managed and long-established business” in transitioning into the provision of pharmacy services.
Jon Booth, the director of pharmacy at Christie & Co, said that when this pharmacy was launched to the market, there was a significant level of interest, as anticipated.
“Single sites of this quality and turnover where the current owner is looking to retire are very much the market ‘sweet spot’ even more so when you consider this lies almost equidistant between Leeds and Wakefield where there are plenty of buyers for pharmacy businesses,” he added.
David Ward, senior director at Christie Finance, expressed satisfaction in successfully assisting the clients in securing the right funding for this purchase, especially considering the current challenges in the lending market due to “higher interest rates and a reduction in appetite from some lenders.”
Sukhi Basra