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06 April 2021 | Dental Practice and Pharmacy Mortgages

Two Cumbrian based pharmacies purchased by husband-and-wife duo with the support of Christie Finance

Healthcare Medical Limited, represented by Muhammad Mother and Naeema Haider, has recently purchased Alneburgh Pharmacy and Dobie Chemist based in Maryport, located on the west coast of Cumbria, with funding successfully secured by pharmacy finance specialist, Jawad Anjum, Director at Christie Finance. The pharmacies were sold by our colleagues and specialist property adviser, Christie & Co.


Alneburgh Pharmacy, a well-established and profitable pharmacy dispensing 12,650 items per month, is integrated within Alneburgh House Health Centre and has been under the same ownership since 2004. Dobie Chemist, a well-entrenched standard hours pharmacy dispensing 10,387 items per month located within the main town centre, has also been in operation since 2004.

Muhammad has been qualified for over 20 years with extensive experience in the pharmacy sector. Currently co-owning Drugmart Pharmacy, Muhammad recognised an opportunity to service the local community and has since merged two sites which has almost tripled in value. Muhammad provides intense training for all of his employees, with the team previously featuring in the national press for delivering lifesaving treatment to a customer who had been suffering from anaphylactic shock.

Working as a GP, Naeema Haider, has been qualified for nearly 15 years and has continually supported her husband in all of his acquisitions. A unique opportunity has arisen to work as a GP in the local Alneburgh Health Centre, which Naeema has accepted. Naeema continues to broaden her expertise and knowledge, having recently obtained an M.Sc. in Obstetrics and Gynaecology. 

Muhammad and Naeema are the ideal fit for these acquisitions, with a wealth of combined experience working in pharmacies and GP practices. The couple are well versed with all aspects of the industry and are keen to develop their pharmacy portfolio, with their vision being to provide first-class services, whilst developing and strengthening local relationships.

Speaking of their experience securing funding to purchase Alneburgh Pharmacy and Dobie Chemist, Muhammad comments “Jawad Anjum of Christie Finance has played an integral part in our pharmacy acquisitions. He was able to offer guidance and find a solution that was both manageable and made business sense.”

“From the initial conversation Jawad understood not only the acquisition cost but the working capital requirement which is the life blood of any pharmacy. With this prudent planning I have now been able operate the pharmacy without restriction as well as being able to ensure that ongoing capital requirements are more strategically balanced.”

“I'm happy to say that as an owner, my pharmacies have been given the ability to grow as there is an ongoing need in terms of asset requirements and working capital. My gratitude to Jawad, he was the key person in the acquisition and is second to none. He has a keen understanding of the pharmacy sector and the internal workings of what is required to run and operate a pharmacy. I would like to take this opportunity to thank Jawad for being available all the way through the transactions with his in-depth knowledge and understanding of the sector. I will certainly be calling him for my next acquisition, and I would recommend him to anyone looking to buy a business”.

Jawad Anjum, Director and pharmacy finance specialist says “It was a delight to work with Muhammad and Naeema in sourcing the finance they needed to purchase these impressive pharmacies - you could not have found a more perfect match. Between Muhammad owning his existing business, Drugmart Pharmacy, and Naeema being an incredibly experienced and knowledgeable GP, it did not take long for lenders to realise the potential in the couple’s business proposition. I wish our clients the very best for the future and I hope this will not be the last time we support Naeema and Muhammad in their expansion plans.”  
 
For further information, please contact:

Anna Moore
Marketing Manager

T +44 (0) 20 3846 0609
M +44 (0) 7590 486 352

E anna.moore@christie.com
 
Jawad Anjum
Director
T 0113 389 2716
M 07791 979 719
E jawad.anjum@christiefinance.com