Funding secured for first-time buyer of two established Merseyside pharmacies
Christie Finance supported the sale of two pharmacies in Liverpool, Merseyside, to a first-time buyer.
Richard Clitherow Pharmacy and M Saleem Dispensing Chemists are standard-hours pharmacies, dispensing approximately 10,500 and 3,900 items per month, respectively. Located less than a mile apart, Richard Clitherow Pharmacy is situated on Dovecot Place off the busy East Prescott Road, while M Saleem Dispensing Chemists is located on Finch Road.
Both businesses have been owned by the Saleem family for decades, with Richard Clitherow Pharmacy being in the family's ownership for around 30 years and M Saleem Dispensing Chemists for 27 years. The businesses were originally run by Mohammed Saleem before being taken over by his son, Azhar.
The Saleem family recently decided to sell the two branches as part of a family succession and retirement plan, reducing the portfolio to their remaining pharmacy, Merton Chemist in Bootle, Liverpool.
Following a confidential sales process with Tom Young at Christie & Co, and with funding sourced through Alena Ray at Christie Finance, the pharmacies have been purchased by Faraz Cheema of Vital Meds Liverpool Ltd, a first-time buyer who plans to expand the pharmacies’ service offering and build on the foundations established by the Saleem family.
Tom Young, Senior Business Agent - Pharmacy at Christie & Co, comments, “We were first approached by the Saleem family towards the end of 2023 to discuss their exit strategy. With a confidential sales process, we launched the pharmacies to the market last year.
“We were delighted to help the Saleem family with their retirement planning and to sell the business to a forward-thinking, enthusiastic operator in Faraz.”
Alena Ray, Director – Christie Finance, comments, “It was a pleasure to support Faraz and Rabia with the acquisition of Richard Clitherow Pharmacy and M Saleem Dispensing Chemists. Securing funding as a first-time buyer can be challenging, particularly for the purchase of two pharmacies, so we worked closely with Faraz to structure a funding solution that supported his plans for the businesses. “I wish Faraz and his team every success as they build on the strong foundations established by the Saleem family and develop the pharmacies’ services for their local communities.”
Richard Clitherow Pharmacy and M Saleem Dispensing Chemists were sold for an undisclosed price.
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