We are pleased to confirm following a successful marketing exercise, the sale of the six pharmacies owned by the East of England Co-operative Society, has now been sold to Suffolk Pharma Ltd. Suffolk Pharma Ltd is a new venture whose directors already hold an interest in 20+ pharmacies across Merseyside, Midlands, Essex, London, Kent, Norfolk and Suffolk and has further plans to grow.
Luke Williams, Senior Pharmacy Consultant at Hutchings Consultants said;
“From an early stage in our meetings with the East of England Co-operative Society we worked quickly to identify the client’s main objectives, which were;
- To ensure that the process was handled in a smooth, timely fashion from marketing through to completion.
- To identify a buyer who holds the same values as the client to help ensure continuity for the existing staff and an easier transition for them.
Following the preparation of an informative memorandum of sale which clearly laid out the structure of the sale and an overview of the six pharmacies available, a total of eight pre-vetted parties had submitted offers on this opportunity.
We’re delighted to have been able to work with the East of England Co-operative Society in the sale of their pharmacies which is helping them to focus on their future plans. The success has been very much a group effort.”
Nick Denny, Joint Chief Executive at East of England Co-operative Society said;
“From beginning to end we were happy with the service provided by Hutchings Consultants. At the initial meetings we felt that they asked the right questions and took on board our objectives, particularly the primary aim of continuity of employment for our colleagues, leading to an impressive set of sales particulars.
“We were very impressed with the excellent coverage obtained during the campaign. To receive eight offers in a timely fashion for all six properties in the current climate is a reflection of Hutchings Consultants professionalism, hard work and negotiation skills.
“With Hutchings guidance to translate what was going on throughout the sale, and holding relationships together, we are pleased with the overall result.”
Sanjay Patel, Director of Suffolk Pharma Ltd added;
“We were very happy with the professionalism shown by Hutchings Consultants throughout the process. We are delighted to grow our existing group and continue to provide an excellent health service to the local community. We look forward to dealing with Hutchings again in the future.”