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19 June 2020 | Pharmacy and Dental Practice Mortgages

Highly experienced operators purchase Stepps Pharmacy on the outskirts of Glasgow with the help of Christie Finance

Specialist commercial finance broker, Christie Finance, has supported BGR Healthcare Limited, represented by husband and wife Ron and Lynne Badger, to purchase Stepps Pharmacy, a long established community pharmacy based in Stepps on the outskirts of Glasgow. The business was sold by our colleagues at Christie & Co.



Stepps Pharmacy is a highly profitable unopposed business located on the main road in Stepps town centre, ideally situated close to two GP practices, currently dispensing circa 6,500 monthly NHS items at an average value of £12.36. The previous owner, Eddie Ceresa, has managed the pharmacy since 1973 alongside his daughter, and has decided to sell the business in order to retire.
 
The pharmacy has been sold to Ron and Lynne Badger who are well established in the sector. Ron was previously a joint owner of three pharmacies in central and east Scotland: Jedburgh Pharmacy, Callendar Pharmacy and Roslin Pharmacy. In 2017, Ron relinquished joint control of the Jedburgh and Callendar branches to become sole owner of Roslin Pharmacy. Lynne worked with Boots Pharmacies for several years before joining her husband as the second pharmacist at Roslin in 2017. The couple identified Stepps Pharmacy as an ideal opportunity to re-enter the market and were successful in securing the business following a competitive bidding process.
 
The couple have a great vision for the business and have already installed a new 24/7 dispensing vending machine at the side of the building to make it more convenient for customers to collect prescriptions. A new dispensing robot will also be installed which has previously been a hit with the local community in their other pharmacies.

Commenting on their new acquisition, Ron said, “Having been with my existing bank for over 12 years and buying three businesses during this time, I approached Craig at Christie Finance to get a comparison on new lending packages. He was able to secure several offers all at a higher LTV and lower rates than my incumbent lender. The whole process ran smoothly from start to finish, despite several delays with completion dates, and we are now supported by a bank who is keen to support the growth of my company. As well as securing competitive terms, Craig simplified and steered the whole lending process throughout.”

Craig Dickson, Director at Christie Finance, comments, “The pharmacy has recently relocated to larger premises albeit on the same street as the previous shop. Ron and Lynne have refurbished and fitted out the property to a high standard and have exciting growth plans for the business, which I’ve no doubt will be well received by the local community and be a great success. I wish them the best of luck in taking the business forward.”