An increasing number of pharmacies in Northern Ireland are being acquired by first-time buyers, as existing contractors and groups pull back from expanding their portfolios amid ongoing funding pressures, according to specialist business property adviser Christie & Co.
Among the most recent sales is W G Hamilton Pharmacy, a busy community pharmacy in Ballysillan, North Belfast.
Christie & Co confirmed the sale on Tuesday (15 April), marking the third pharmacy in Northern Ireland recently sold to first-time buyers.
The pharmacy, which dispenses an average of 8,750 prescription items per month and collects scripts from over 20 surgeries in the Belfast area, also delivers key NHS services such as the Minor Ailments Service and Pharmacy First.
Owned and operated by Fergus Hamilton for over 20 years, the pharmacy was sold following his decision to pursue a partial retirement.
The sale was managed confidentially by Karl Clezy, director – pharmacy at Christie & Co., and first-time buyers Andrew Crawford and Daniel Cheah have now taken over the reins.
According to Clezy, this is the second pharmacy we have sold in the Ballysillan area over the last few years.
“There have been lots of enquiries on this business since we put it to market, and I am delighted to have sold it to another first-time buyer who I’m sure will take it to further success,” he said.
Clezy noted that the last three pharmacies they have sold in Northern Ireland have been to first-time buyers, which is largely due to “a lack of government funding causing a lot of existing contractors and groups off buying any more pharmacies.”
“This is providing more opportunities for younger buyers to get their first step on the ladder,” he said.
“Whereas before first-time buyers found it difficult to buy their first pharmacy as they were competing with experienced operators who could afford to offer a higher amount.”
Hamilton, former owner of W G Hamilton Pharmacy, wished the new owners “success and prosperity in their new business venture.”
Crawford and Cheah, the new owners, expressed their delight in taking over a long-established and well-run community pharmacy.
“We intend to pick up where Fergus has left off by continuing to provide a first-class service to our patients of north Belfast,” they said, wishing Hamilton “a very happy retirement!”
The pharmacy was sold for an undisclosed sum.
