09 October 2017 | Medical Mortgages

Pascoe Pharmacy now in the hands of a first time buyer

Specialist business property adviser, Christie & Co has brokered the sale of Pascoe Pharmacy in West Norwood, London with funding secured through specialist commercial finance broker, Christie Finance.

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The standard hours leasehold pharmacy is located on a busy crossroads and delivers a high number of prescriptions from two nearby medical surgeries. The business has been run by the same family for 30 years and they were looking to sell the pharmacy to start their retirement plans.

The new owner, Christopher Arafiena will be taking over his first pharmacy business after previously working many years has a manager for both the NHS and at Sainsburys Pharmacy. The business will benefit from this experience and he has plans to extend the service range and electronic prescriptions available at the pharmacy.

Mark Page, Director in Christie & Co's London Office who handled the sale comments, "We were delighted to be able to help our clients retire after 30 years work. They had established an excellent community pharmacy that attracted multiple bids from the market. Christopher will be a good fit into the pharmacy and the area in general and we wish him all the very best for the future."

Specialist commercial funding was required to purchase the business and David Ward, Medical Director at Christie Finance sourced and secured a highly competitive funding facility from a High Street lender.

David comments, "Although the pharmacy sector has been going through some challenging times in recent months. The market is still in high demand and offers great finance opportunities for first time buyers such as Christopher. His experience working within in the NHS will help broaden and integrate new services into the business, which will benefit the local community."