The group has multiple other pharmacies in Hampshire, Dorset, and Surrey
Specialist business property adviser, Christie & Co has confirmed that City Pharmacy in Portsmouth, Hampshire has been purchased by the existing regional operator, JCL (U.K.) LTD – Lalys Pharmacy.
Nyewood Healthcare, which owned the community pharmacy for over 25 years, decided to sell the business to concentrate on their two remaining pharmacies in West Sussex, the broker said.
Located on a busy parade in the North End area of Portsmouth, City Pharmacy dispenses an average of 6,900 items per month, it added.
Following a freehold sale, the business has been acquired by Lalys Pharmacy, which already has multiple other pharmacies in Hampshire, Dorset, and Surrey.
Raj Laly, Director at Lalys Pharmacy, commented: “We are delighted to continue the expansion of our group in Portsmouth as we currently operate right across Hampshire, Surrey, and Dorset.
“We look forward to integrating the business into our group and improving the services on offer at this well-established community pharmacy.”
Claire Johnson, Superintendent Pharmacist of Nyewood Healthcare, told the broker that it wasn’t easy for them to decide to market one of their businesses, albeit confidentially, as they have owned them for many years.
“We were fortunate to receive good interest in the pharmacy from the early stages, and I am delighted with how things went – I feel I had excellent guidance throughout the process and am very happy with the result,” she said.
Jonathan Board, Director – Medical at Christie & Co, revealed that City Pharmacy attracted a wide range of buyers as “it was typical of what is currently in demand – pharmacies with a healthy level of prescriptions, a good level of footfall, and space for the delivery of additional services.”
Despite ongoing operational challenges in the marketplace, there’s is significant demand for well-established, well-located pharmacies, he added.