There appears to be a rising interest from first-time buyers in the UK pharmacy market, with recent acquisitions highlighting the trend
First-time buyers have acquired two popular community pharmacies, Star Pharmacy in Leeds, West Yorkshire, and Medicare Chemist in Birmingham, according to Christie and Co, the property advisor that facilitated both transactions.
Star Pharmacy, located on Cardigan Road in Leeds, has been acquired by local brothers Shujah and Sarum Qureshi, marking their entry into pharmacy ownership.
The broker announced on Thursday, 22 August, that the pharmacy was sold for an “undisclosed price.”
Star Pharmacy, a well-established community pharmacy that dispenses approximately 8,600 items per month, was previously owned by Huddersfield-based multi-operators, Khuram Akhtar and Mohammed Ali, who owned the business for around a decade.
As revealed by the property advisor, they decided to sell the pharmacy to “focus on growing their wider property and business portfolio in and around Huddersfield.”
“It was a difficult decision to sell Star Pharmacy as it has been the lynchpin of our success over the past 10 years as we have grown our property portfolio, however, with recent acquisitions in our hometown of Huddersfield, it was the right time to market the site,” Akhtar said.
They extended their best wishes to the new owners, Shujah and Sarum Qureshi, as they embark on their journey of ownership.
The Qureshi brothers plan to work as owner-operators and build on the pharmacy’s excellent service and reputation.
“After many years working in many different pharmacies and pharmacy organisations, it is exciting to now own our first pharmacy.
“We look forward to continuing the great service that the established pharmacy team already provide to the community and it offers us a great platform to enhance the service offering to the benefit of the community we serve,” they said.
Jon Booth, Director of Pharmacy at Christie and Co, described Star Pharmacy as a “well-known, well-regarded business” situated in “a great location right in the action of the city’s key student area.”
He is pleased that the business was acquired by two local brothers, who know the area so well, and is confident that their hands-on approach and local knowledge will see the business perform “even better than it has historically.”
The broker completed another significant transaction in Birmingham last week, with the sale of Medicare Chemist to Noor Ali Shah, a local first-time buyer.
Located in Small Heath, just two miles from Birmingham city centre, Medicare Chemist is a standard-hours community pharmacy that dispenses an average of 8,618 items per month, according to Christie and Co.
Prakash Nathwani, who had owned the business for over 20 years, decided to put it on the market as he was looking to retire.
Carl Steer, Director of Pharmacy at Christie and Co, who oversaw the sales process, described it as a “smooth sale” completed in less than the average timeframe.
“In the current market where sales can easily take over six months, it was nice to see a motivated seller and buyer with pharmacy specialist solicitors come together to conclude a smooth sale in less than the average timeframe,” Steer said.
Steer also noted that the buyer, Noor Ali Shah, was eager to secure the deal as soon as possible as “his previous purchase was cancelled after many months of progression.”
These transactions reflect the growing interest from first-time buyers in the UK pharmacy sector, particularly in well-established community pharmacies.
