Pharmacy sales outstrip market performance
Increases in pharmacy sales values outstripped those in many other business sectors last year, with property specialist Christie & Co predicting continued strong performance for 2016.
Pharmacy prices increased by 10.8 per cent in 2015, compared to 9 per cent across all sectors, according to Christie & Co's Business Outlook 2016 report. Recently announced funding cuts may accelerate some operators' plans to exit the market, it predicted. "Albeit with the current appetite for pharmacy businesses others will view this as a real opportunity to purchase."
Simon Hughes, managing director â€“ Medical at Christie & Co, said: "The pharmacy sector continues to experience strong buyer appetite, with 79 per cent of the demand generated from first time buyers. However, 60 per cent of deals in 2015 were actually transacted to multiple operators, so this massive appetite is yet to translate into dominance.
"In 2015 we received, on average, eight offers per pharmacy sold; an increase on the previous year. The percentage of prices paid that are in excess of asking price are increasing â€“ on average, assets were sold for 111 per cent of the asking price, further demonstrating how strong appetite is. With strong deal activity still being generated, we predict this will continue in 2016."