Combined, these five pharmacies dispense approximately 33,000 items per month
Sykes Chemist Group has decided to sell five of its community pharmacies as part of a strategic review of its portfolio.
The group has engaged Christie & Co, a specialist business property adviser, to sell the pharmacies located across Bolton and Accrington.
These include four well-established pharmacies in Bolton—Gatleys Pharmacy on Tonge Old Road, Haslams Pharmacy on Halliwell Road, Rigbys Chemist on Swan Lane, and Howards Pharmacy on Chorley Old Road. Additionally, Paradise Street Pharmacy, located within Pals Health Centre in Accrington, is also up for sale.
Combined, these five pharmacies - which are part of a wider group of 14 branches owned by Sykes Chemist Group - dispense approximately 33,000 items per month, as per the broker.
Tom Young, the Business Agent for Pharmacy at Christie & Co, who is overseeing the sale, expressed enthusiasm about the new disposal project.
“We are delighted to have been engaged by the family of Sykes Chemist Group in this exciting disposal project of five northwest pharmacies,” he said.
They expect a strong response from buyers, especially first- and second-time buyers.
“Greater Manchester is a hotbed of buyer activity, especially for first and second-time buyers, so we expect a strong response from the market on this instruction,” said Young.
The pharmacies are available for sale individually, as a group, or in sub-groups, providing flexibility for potential buyers.
Interested parties have until 12 noon on 19 July 2024, to submit their best and final offers.
The broker informed Pharmacy Business that there has been significant interest in these pharmacies, and they anticipate this will continue until the deadline for the best and final bids.
The broker has provided the following details about the pharmacies:
- Gatleys Pharmacy in Bolton: A standard hours pharmacy dispensing an average of 6,601 items per month, with an annual turnover of £765,611 as of 28 February 2023. It is operated under the management of a regular locum pharmacist and is available for sale as a freehold property. Goodwill offers are invited, starting at over £500,000.
- Haslams Pharmacy in Bolton: This standard hours pharmacy dispenses an average of 5,130 items monthly and has a turnover of £579,191 for the year ending 28 February 2023. It is fully managed and available as a freehold. The asking price for goodwill is over £360,000.
- Rigbys Chemist in Bolton: A standard hours pharmacy managed by regular locums, with a turnover of £596,166 for the year ending 28 February 2023. Located adjacent to a general practice, it is offered as a freehold with goodwill offers starting at over £450,000.
- Howards Pharmacy in Bolton: Operating as a standard hours pharmacy, it dispenses an average of 4,937 items monthly and has a turnover of £534,254 as of 28 February 2023. Managed by regular locum pharmacists, it is available as a freehold property. The asking price for goodwill is over £385,000.
- Paradise Street Pharmacy in Accrington: This leasehold pharmacy is integrated within a busy health centre, dispensing an average of 9,677 items per month. The annual rent is £123,967. Goodwill offers are invited, starting at over £150,000.
Given the opportunities these pharmacies present to the market, the broker believes they will appeal to a range of buyers – from first and second-time buyers, to larger group operators.
Particularly, they offer a great opportunity for first-time and second-time buyers who are looking to enter into ownership or expand their portfolios, it said.
