We are pleased to announce the sale of Cottingham Pharmacy near Grimsby. Our Client, Mike (brother of Tim – see other Cottingham pharmacy post) has given his thoughts and feedback relating to his pharmacy sale and what he plans to do now he has sold the business.
Please tell us a little bit about the history of your pharmacy; when and how you acquired the business?
We bought the Waltham branch 21 years ago. At the time I was mainly locuming as well as working at the Wellington Street branch. The right business came up at the right time.
What made you decide to sell the business?
It’s getting tougher to be an independent Pharmacist. Both from a time and financial perspective. The financial is fairly obvious. The government doesn’t see the value Community Pharmacy has to offer. Pharmacy is given more and more time consuming , bureaucratic roles, which actually distract from patient focus. It’s a shame.
What were your concerns going into the sale process?
That it wouldn’t sell. Particularly as Pharmacy Chains aren’t buying.
What made you choose Hutchings to handle your sale?
Partly because Hutchings is an NPA Business partner. Mainly though because of Anne. I read articles she had written in the Pharmacy Press. Her advice always seemed very good.
How did you find dealing with Hutchings and our team?
Very easy. Someone always available for advice. Also I liked the honest answers Paul gave with respect to what we could expect, both in terms of goodwill value and the whole process.
What are you most looking forward to now that your sale has completed?
Mainly time off to do a lot of the things that running a business hasn’t allowed me to do. Also I’m looking forward to doing more CPD, so that I can become a better and more knowledgeable Pharmacist.
What do you think will be the biggest benefits for you, now you have sold the business?
The family getting their dad back.
Is there anything else you would like to add that may be useful for pharmacy owners who are thinking of selling to know, having been through the process?
How long it takes. It was a lot longer than anyone had suggested. Also tidy up loose ends asap. Preferably before putting the business on the market. It will make Due Diligence easier.
Would you recommend Hutchings to other pharmacy owners?
Thank you to Mr Cottingham for his feedback. We hope you can now start to enjoy your time with your family.