Rowlands on course to sell 30 of 58 branches up for sale
Rowlands is on track to sell 30 of the 58 branches it put up for sale last year, the multiple has told C+D.
The company has signed contracts for the sale of 30 branches, a Rowlands spokesperson told C+D yesterday (March 3).
Of these, 17 are “completed” – which means ownership has been transferred from the seller to the buyer.
Contract negotiations are “progressing well” on the other premises, the spokesperson added.
“We are confident most of those contracts will be completed soon, [and] will continue to progress our plan this year,” they said.
Sold to independents
The 17 branches sold so far have been bought by independents of “various sizes”, ranging from one-branch pharmacies to groups with several branches, according to the spokesperson.
The multiple is continuing to look for “potential purchasers and will make decisions on a case-by-case basis” about future sales, the spokesperson added.
They reiterated what Rowlands managing director Mark Bather told C+D last year, that Rowlands will not close a branch if it has not sold by the end of this financial year.
Earlier this week, Rowlands announced it is considering reducing pharmacy opening hours across three quarters of its branches in England in a bid to cut costs.
The multiple put 70 of its branches up for sale in February last year, to focus on a “slightly smaller Rowlands pharmacy network”. However, in July it withdrew 12 of these from the market, stating that they could be “more valuable” once brought “fully back into the business”.