Mon, 06 Nov 2023 | ADMINISTRATION
A pair of pharmacies in Chesterfield are set to be put up for sale after falling into administration. Dents of Chesterfield on Windermere Road and Dents Pharmacy in Saltergate are both established community pharmacies in Chesterfield, with more than 100 years of trading history.
They are both health centre-integrated pharmacies and collectively dispense 16,000 items on average per month. As of September 2023, the two pharmacies, which are run by full-time pharmacists with locum pharmacists on site one day per week, had total income of more than £1.5 million.
Joint administrators Richard D’Arcy and Christopher Latos engaged property broker Christie & Co to market the pharmacies for sale on November 3. They are available to buyers either as a pair or on an individual basis, with an asking price of £850,000.
Christie & Co said that the sale of two pharmacies “present an excellent opportunity to an existing group operator, independent operator or first-time buyer.” The sale process will be handled by Christie & Co Director for Pharmacy Carl Steer.
Steer commented: "We expect that the sale of these two long-established pharmacies within health centres that are thoroughly modernised throughout will bring about strong interest from a mix of pharmacy operators. Interested parties are encouraged to act swiftly to meet the deadline for offers of 30 November 2023."
The sale of the two Derbyshire pharmacies comes during a busy period of M&A activity in the UK’s pharmacy sector. According to Christie & Co’s 2023 Pharmacy Market Review, published last month, completed pharmacy sales during the first half of 2023 remained on par with H1 2022.
The report cited delays in processing applications for Fitness to Practice and Change of Ownership for the lack of increase in completed sales. However, appetite appears to be increasing significantly among pharmacy buyers, with agreed sales during H1 2023 up 45 per cent compared to the same period a year earlier.
Read more about the latest M&A trends in the UK pharmacy sector
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