04 September 2017 | Medical Mortgages

My Dispensing Chemist in Birmingham changes hands

Specialist business property adviser, Christie & Co has brokered the sale of My Dispensing Chemist in Birmingham with funding secured through specialist commercial finance broker, Christie Finance.

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Located in the heavily populated Birmingham suburb of Stechford, the community pharmacy offers a standard hours’ contract to the local area with a high-performing prescription service.

Experienced Pharmacists, Kaleem Ahmad and Abu Saddique, who will be giving up their 100-hour pharmacy located nearby, have purchased this freehold business as this site offers them a much larger retail area and a more efficient business.

Jassi Sunner, Business Agent in Christie & Co's Birmingham Office who brokered the sale comments, "Although a complicated transaction, it was good to see an ambitious buyer and a supportive bank on this sale. The pharmacy market has remained buoyant despite the cuts and the amalgamation of two pharmacies in a densely popular area will be on the radar of those imposing funding cuts. Our client, a regional multiple were pleased with the result and it was a pleasure to work with the ambitious buyer – Kaleem.”

Specialist commercial funding was required to facilitate the purchase of the pharmacy and David Ward, Medical Director of Christie Finance, secured the funding needed to not only purchase the business, but also additional funds to allow for an immediate refit of the business before Kaleem and Abu started traded.

David comments, "This much sought after pharmacy on a busy road in Birmingham is the perfect opportunity for Kaleem and Abu to achieve their growth plans. I am delighted that I could secure them market competitive funding to buy the business, but also find them a lender that would support their immediate refit plans to modernise the shop."