Multiple Co-op Pharmacies in Walsall sold to independent operator
Specialist business property adviser, Christie & Co has brokered the sale of three Midcounties Co-operative Pharmacies in Walsall, West Midlands with funding secured through specialist commercial finance broker, Christie Finance.
The three sold community pharmacies are Little London, Shelley's and Brace Street Pharmacies all situated in Caldmore and were owned by Midcounties Co-op Group. These branded pharmacies are established businesses with opportunities to grow income streams even with a number of competing pharmacies nearby.
The new owner of the three pharmacies is Idris Karimjee of MK Pharma Ltd who is a local pharmacist and the previous owner of the 100 hour White Pearl Pharmacy in Caldmore, which was closed as part of the deal, and had been located just across the street from the Brace Street Pharmacy. Idris started this pharmacy in 2014 and successfully grew the business and its relationships with GP's before strategically deciding to expand his portfolio with the acquisition of these three pharmacies.
Jonathan Board, Director at Christie & Co who brokered the sale comments, "Idris was very quick to see the opportunity for him in this locality. Through running his 100 hour pharmacy he had developed some good relationships, but with the acquisition of these pharmacies he was able to operate three standard hours pharmacies and migrate his existing items across from White Pearl to these new units, allowing him to reduce the large overheads often associated with running late night pharmacies."
Specialist pharmacy finance was required to facilitate the purchase of the three pharmacies and David Ward, Senior Director of the Christie Finance Medical Team brokered the best funding terms available to secure the businesses. He said of the deal, "This sale is a great example of the high levels of pharmacy funding available in the market at the moment – if you know where to look and how best to present the case. It demonstrates how having an experienced broker like us on your side can help any ambitious plans for business acquisition or expansion."
Idris said of the sale, "David Ward and Christie & Co were exceptional in aiding me to purchase the three pharmacies for sale by the Midcounties Co-op Group.
They helped me negotiate a fair price and Christie Finance had several lenders willing to lend towards the purchase of the pharmacies, in the end we went with a niche lender, who was only available through Christie Finance. I would highly recommend using both Christie & Co and Christie Finance to help buy a pharmacy as their service is paramount."