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11 June 2020 | Pharmacy and Dental Practice Mortgages

Experienced operator secures purchase of well-established pharmacy in Exmouth

Specialist commercial finance broker, Christie Finance, has worked with an experienced and returning pharmacy owner to purchase Withycombe Pharmacy based in Withycombe Raleigh, Exmouth, brought to market by our colleagues at Christie & Co.

Withycombe Pharmacy is a profitable community pharmacy situated on a busy retail parade in Withycombe Raleigh, Exmouth. Founded in the 1950s, the pharmacy occupies the ground floor of a two-storey building, with a separate self-contained one bedroom flat above.

The building comprises a well fitted retail space with dispensary, a consultation room, storage, and staff facilities. The pharmacy has an overall income split of 92 per cent NHS and eight per cent over the counter sales and dispenses around 7,082 items each month.

Withycombe Pharmacy had been run under management by its previous owners; a small independent group based in Devon. The company decided to consolidate their portfolio, creating an opportunity for this to be an independent business. 

Gary Boyce, Director at Christie Finance, worked with the new owner to secure funding. He comments “We were delighted to have worked with our client, who after selling his first pharmacy 20 plus years ago, was keen to own his own business once again. Recognising the opportunity that Withycombe Pharmacy presented, we supported him from offer stage, and secured competitive funding terms to enable a successful completion.  His input in running the business will no doubt ensure it continues to provide essential services to the local community.”