Michael, owner of a pharmacy group in Lancashire, contacted us in March 2014 as he’d decided it was the right time for him to sell the business. After our initial telephone conversation, we set up a meeting to discuss how we could help and to find out more information about his business. He informed us that he wasn’t spending that much time in the pharmacy anymore and he didn’t want the responsibility and hassle of having to oversee everything. He also wanted to spend more time abroad at his holiday home.
Why he chose Hutchings
Michael had received a private offer of £1,100,000 from a local group. Having seen Hutchings were NPA recommended, he contacted us to obtain a valuation to give him a better understanding. Based on the information Michael provided, we informed him that he should achieve a significantly higher offer if the pharmacy was placed on the open market. Based on the information we provided, Michael considered his options and decided to appoint Hutchings to manage the sale of his two shops.
Once we’d agreed everything with Michael, we marketed the pharmacy and we received interest from several parties, who were in good financial positions and were keen to acquire. This ultimately led to two top offers of £1,500,000, which was £400,000 more than the offer that was received privately. This price far exceeded his expectations.
How the client benefited
Our experience enabled us to structure the overall deal for Michael in the most tax efficient way for him. We took the stress and strains away from Michael, allowing him to continue running his business successfully, whilst obtaining a significantly higher price.
What Michael said after selling his pharmacy for £400,000 more than he was offered privately…
“The price I received for my pharmacy far exceeded my expectation and you achieved 25% more than I had been offered privately. Not only did you negotiate a fantastic offer, you also helped, supported and guided me whenever it was needed. It is not a straight forward procedure and the service you offered far outweighed the fee.” Michael from Lancashire