The high-dispensing pharmacy attracted multiple offers resulting in a sale in excess of the original marketing price
Specialist Pharmacy Brokers Hutchings Consultants have revealed that they successfully completed the sale of Totty Pharmacy, which is situated in an affluent suburb of Greenwich, London.
Previously owned by Akshay Patel and his wife, who assumed the primary pharmacist role, the pharmacy was highly profitable, dispensing an average of 5,500 items per month, and in superb condition having recently received a full refit.
The couple sold their pharmacy to a first-time buyer, named Samson Akere, for an undisclosed price.
The brokers, however, said Totty Pharmacy attracted multiple offers from both first-time buyers and existing London owners, resulting in a sale in “excess of the original marketing price.”
The Patels, who were regarded very highly in their local community, decided to sell the business to look for a more flexible career so that they can spend more time with their children.
Akshay said: “The time had finally come for a change in career, one that allowed us to spend more time with our children. We decided to sell our community pharmacy, making way for a younger generation with drive to grow the business.”
About choosing Hutchings for the sale process, he said they became aware of a very successful sale the brokers handled for a pharmacy around the corner, and that they were confident about their “ability and knowledge of the London area.”
The buyer, Akere was keen to get on the pharmacy owning ladder, and had been looking for a while, before he saw the potential of Totty Pharmacy, given its location, community standing, and room for growth.
Now that the sale is complete, he is excited to develop the business to its full potential.
“My focus is on maintaining and enhancing its good reputation among existing customers while welcoming new ones with top-notch service,” the new owner said.
Sharing his experience with Hutchings, he said: “I have dealt with other brokers in the past… Hutchings stand out for their exceptional speed and efficiency in handling the transaction.”
Matteo Mazza, pharmacy consultant from Hutchings who handled the sale, said that the transaction was efficiently handled by all parties involved, leading to another successful London pharmacy sale.
The pairing of buyer and seller is something that he found especially interesting.
“The Patels were hugely community focused and were keen to find someone to carry their work forward. Samson, a first-time buyer, who was eager to do exactly that while also injecting a new lease of energy into the business, was exactly what they were looking for,” Mazza added.
