Specialist business property adviser, Christie & Co has confirmed that City Pharmacy in Portsmouth, Hampshire has been purchased by the existing regional
operator, JCL (U.K.) LTD - Lalys Pharmacy.
Nyewood Healthcare, which owned the community pharmacy for over 25 years, decided to sell the business to concentrate on their two remaining pharmacies in West
Sussex, the broker said.
Located on a busy parade in the North End area of Portsmouth, City Pharmacy dispenses an average of 6,900 items per month, it added.
Following a freehold sale, the business has been acquired by Lalys Pharmacy, which already has multiple other pharmacies in Hampshire, Dorset, and Surrey.
Raj Laly, Director at Lalys Pharmacy, commented: "We are delighted to continue the expansion of our group in Portsmouth as we currently operate right across
Hampshire, Surrey, and Dorset.
Christie & Co has revealed that Islay Pharmacy, the only pharmacy on the Isle of Islay in Scotland, has been sold for the second time in six years.
The business, which single-handedly serves the island's population of circa 3,200 residents, has been purchased by a husband-and-wife team - Lisa and Simon
Simpson - from South Shields.
Previous owner small group operator, Sanjay Majhu, acquired Islay Pharmacy in April 2018 and grew its turnover from £530,000 to just under £700,000.
He listed it for sale along with Inveraray Pharmacy and Tarbert Pharmacy as part of his initiative to downsize his estate, according to the broker.
"We decided to sell as our strategy was to acquire only within a 100-mile radius of Glasgow and Islay would be more suited for owner-operators.
The pharmacy market in England has seen a significant transformation in recent years, driven by a trend of large-scale disposals by corporate operators.
Jonathan Board, Director - Pharmacy, Christie & Co, has told Pharmacy Business that several corporate operators are looking to sell off their marginal or
non-performing assets while independent operators are eager to acquire and enhance businesses further.
Due to their scale, corporate operators are compelled to adopt a 'one size fits all' approach.
However, Jonathan believes this puts them at a disadvantage compared to many independent operators who are better positioned to meet local patient and
community needs, delivering a more personalised approach to patient engagement, and a variety of other services
"As such, where corporate disposals have taken place, there has been a steady stream of independent operators eager to take over and develop the businesses
further," he said.
