Sale of M&A Weinronk Pharmacy, Chester

M&A Weinronk

Chester, Cheshire, CH3 5LB

Clients:  Mr Andrew Weinronk & Mrs Tee Weinronk

Sold Price: £620,000          No. of Offers: Multiple offers

Timeframe from Sale agreed to Completion: 4 months

 

Please tell us a little bit about the history of your pharmacy business; when and how you acquired the business?

Family owned pharmacy business with the branch sold having first opened by my father in 1982.

What made you decide to sell the business?

Uncertainty about future NHS funding.

Wanting to consolidate pharmacy businesses within a smaller geographical area of Wirral.

What were your concerns going into the sale process?

Never having sold a pharmacy we had many concerns around the valuation of the business, the fees that we may have to pay to sell the pharmacy and the amount of information gathering we would have to do to proceed.

What made you choose Hutchings to handle your sale?

I read an advert for Hutchings, which included the availability of Anne’s book on Selling your Pharmacy so I ordered a copy. The book was a really good insight into how to run the business with a view to selling. However, more important is the relationship between ourselves and Hutchings. Once we had met with Alan, understood the way the process worked and how the fees are structured so that we did not have to pay until completion and how he was going to be on hand to guide us through it, we were much more comfortable with the whole process.

How did you find the process selling with us?

Having read the book we made preparations to have all our paperwork in order before we put the pharmacy on the market to try to reduce the burden during the due diligence process. Once we received the initial free valuation and we made the decision to put the pharmacy on the market, Alan really took over and arranged the memorandum of sale and the marketing of the pharmacy including pharmacy visits for prospective buyers. He held our hand through the process and also gave us a view of what to say, or what not to say to interested parties. He also stressed that all communication should be through him which took a lot of the pressure off us. He was always very approachable and we could (and did) ask many questions during the process. Alan also recommended a specialist solicitor for the process who happened to be fairly local to us. His recommendation was also spot on as the legal team did an excellent job for us as well.

Do you feel there were any specific aspects or benefits for using Hutchings?

This is difficult to judge as it’s the first time we have sold a pharmacy however Hutchings are specialists in this field and made the process very easy. Their accountants were on hand if we needed any specific accountancy advice during the process and Alan made us feel that he was always looking after our interests and not just the interests of the firm.

Have you had experience in the past with business brokers like ourselves, and if so how do we compare?

No previous experience

Was our sister company Hutchings Accountants Ltd involved and if so how did that help?

Atif from the accountancy firm gave some minor advice over the phone around mid-month completions but our own accountant and solicitors were quite switched on to the process for selling a pharmacy, in particular the way NHS payments work, so our need was fairly limited.

What are you most looking forward to now that your sale has completed?

This was the sale of one of our pharmacies only so unfortunately it is back to work on Monday morning for us. However, when we look at our future retirement planning (5-10 years away) we are hopefully in a much more relaxed frame of mind.

Would you recommend Hutchings to anyone?

Yes. I already have recommended Hutchings to a friend of mine with multiple pharmacy outlets. He should be in touch for a copy of your book.

Is there anything else you would like to add that may be useful for pharmacy owners to know?

The important thing to know is that with Hutchings you will not get the hard sell tactics, just well informed, helpful advice and information with someone always on hand to help steer you through one of the most difficult transactions you will ever take on. Go ahead and order a copy of the guide to Selling your Pharmacy.  It’s a great place to start.

Thank you to Mr & Mrs Weinronk for their feedback and for their recommendation.  We look forward to working with them again in the future.