Mr Rohit Patel of Village Pharmacy contacted us in May to discuss the possibility of selling one of his two branches to his locums which he bought in 1992. He had decided to sell Village Pharmacy due to it being located too far from his prioritised branch in Harefield, plus he had the opportunity to purchase a main competitor pharmacy nearby.
The shop originally occupied a double unit, half owned by our client and the other half held on a leasehold basis. Due to the lease expiring and passing of the landlord, the vendor decided to halve the size of the pharmacy by sectioning off from the rented unit and operating from the part that he owns, which in return would reduce the overheads significantly and make it more appealing to any prospective buyer. Simultaneously, the pharmacy underwent a complete contemporary refit during June.
Rohit initially asked Hutchings to look into the funding position of his two locums who were very interested in purchasing the pharmacy and had made a verbal offer of £900k.
We quickly reacted on behalf of Rohit and started to prepare the marketing. Whilst focusing on the locums funding position we advised Rohit that we should approach a number of other buyers who we felt were the most active in the area and suited to this business.
After vetting the interested locums, it was quickly established that they were unable to proceed at the level indicated and therefore retracted their interest from the business, at which point we were able to increase our marketing and search for the right buyer.
It wasn’t long before we found a first time operator who not only submitted an offer above the guide price, but also secured the business with an offer in excess of the verbal amount put forward by the previously interested parties. We were also able to help negotiate an agreed offer amount for the sale of the freehold premises.
Two experienced pharmacy solicitors were appointed for both sides which benefitted the deal from start to finish and once Hutchings circulated the Heads of Terms (subject to contract), we assisted to work towards completion within a timescale of 3.5 months.
Having now completed on a successful sale, Mr Patel said…..
“It was an absolute pleasure to deal with Alan. The whole process was handled with total professionalism and integrity. Alan was always available and he co-ordinated all the different parties involved in the sale with calmness and speed. Having to deal with another agent in the purchase of Malthouse Pharmacy, I can say there is no comparison. If you are looking to sell your business you must talk to Hutchings and not go anywhere else.”
Mr Rohit Patel, Village Pharmacy, Middlesex