Two pharmacies sold to first-time buyers
Christie and Co has completed the sale of two pharmacies to first-time buyers.
Woodstock Road Chemist in Oxford which Christie and Co said dispenses an average of 9,500 items a month, was sold to Kasim Moghal and Sila Topcu who it described as “local experienced pharmacists making their first move into pharmacy ownership.”
The pharmacy was owned by Riaz Ahmed for 25 years before he decided to retire.
“Over the years, with the support of my family and pharmacy team, we had grown the business significantly and, after 25 years, I was keen to retire and for someone to take on my business,” he said.
“I am sure Kasim and Sila will be successful and will grow the business and build on the great relationships we had created.”
Christie and Co also brokered a deal to sell Barton Pharmacy (pictured) in the North Devon coastal village of Woolacombe. It dispenses 2,440 items a month on average and was sold to first-time buyer and previous employee at the pharmacy Harminder Chaggar.
The pharmacy was owned by Osman Hamid for the last seven years and Christie and Co said it was “brought to market to allow him to concentrate on his other business interests.”
“Owning this business for the last seven years has been an enjoyable experience, as we have had full support from the NHS as it has an attached local pharmaceutical services contract and receives an overwhelmingly generous OTC income which is more than the average pharmacy," he said.
“The business has huge potential to grow and diversify into other avenues that are yet to be explored, and it is lovely to know that it has been passed onto a new owner operator that I trust will do well with the business moving forwards.”
Jonathan Board, director – medical at Christie & Co who handled the sale, said: “The opportunity to live and work in one of the best locations in the South West does not come around very often, so I was delighted to offer this business for sale again, having sold it to Osman.
“Despite ongoing operational challenges in the marketplace, it is showing remarkable resilience and there remains significant demand for well-established and well-located pharmacies such as this one. I am sure Harminder will make a success of this business and wish him all the best for the future.”
Both pharmacies were sold for undisclosed amounts.