Christie & Co Director - Pharmacy Karl Clezy has said that while the buyer appetite remains strong in Scotland, there is a shortage of pharmacies coming to market.
In his latest market commentary, he said that currently, there are no corporate pharmacy branches for sale in Scotland.
"Many owners aimed to sell before 1 April 2026 to avoid the increase in Business Asset Disposal Relief, which rose from 14 percent to 18 percent on 6 April 2026.
"However, sellers considering a sale now can take comfort from the fact that pharmacy values have increased this year, driven by growing buyer numbers and continued expansion strategies across the sector."
He said a significant number of new owners entered the market in 2023, and many are now seeking to acquire their second pharmacy.
"This demand sits alongside that of well-established operators, including larger independent groups that have been acquiring pharmacies consistently for several years, some of which now own in excess of 50 branches." he said.
The demand is strong in the main towns and cities across the Central Belt, as well as in the Aberdeen and Inverness areas.
"Over the last six months, we have sold or agreed deals on several independent pharmacies in Aberdeen city, Aberdeenshire, Angus, and Moray. These transactions have included sales to first-time buyers, as well as to two large independent group operators," he said.
Clezy said most established operators are prioritising pharmacies dispensing above 5,000 NHS items per month, as these businesses often deliver strong profitability even after accounting for the cost of a pharmacist-manager.
"First-time buyers, by contrast, tend to target pharmacies dispensing fewer than 4,000 NHS items per month, which are generally more aligned with their budgets."
He said a notable trend in the Scottish market is that an increasing number of contractors are supporting younger, first-time buyers by providing a significant proportion of the deposit required to secure funding.
"In these arrangements, the buyer typically has the option to repay the investor after three to five years of ownership. This model proved effective during 2023 and 2024, when investors helped younger buyers acquire Lloyds Pharmacy branches, and we are now in the process of agreeing on several deals where investors are assisting first-time buyers in taking their first step onto the ownership ladder."
