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First time buyers bag two West Cumbria pharmacies for undisclosed price

A consortium of first-time buyers has snapped up two community pharmacies on Cumbria’s west coast for an undisclosed price, property adviser Christie & Co has announced.

The consortium of first-time buyers – Sridhar Maturi, Naveen Kumar Anisetty, Varun Dara, and Ananth Kumar – relocated from the Midlands to run F C Whelan Pharmacy in Workington and Harrington Pharmacy in Harrington, Christie & Co announced today (December 6).

Read more: Yorkshire pharmacy chain expands portfolio in seven-figure refinancing deal

F C Whelan Pharmacy dispensed an average of 8,400 NHS items per month under its previous owners, while Harrington Pharmacy – the village’s only pharmacy – typically dispensed an average of 7,125 NHS items per month.

The pharmacies' previous owners, Nicholas Carter and Linda Orton, sold them to retire.

The buyers said the prospect of introducing “additional healthcare services to benefit the local communities” drew them to the pharmacies.

“The previous owners, Nick and Linda, have run the pharmacies well for many years, which should help us implement our plans at both sites,” they added.

Read more: Dundee pharmacy for sale due to ‘shortage of pharmacists’ secures buyer

 

Buyers more interested in “outlying” pharmacies

 

Karl Clezy, a director at Christie & Co who handled the sale, said the property adviser had “marketed the two pharmacies separately and received a mix of offers for them both individually and as a pair”.

Read more: Right Medicine Pharmacy on acquisition trail as chain grows to 36 branches

“Over the last couple of years, the pharmacies have enjoyed an upturn in business, which helped attract interest from buyers located across England,” he added.

Mr Klezy commented that pharmacies like F C Whelan and Harrington Pharmacy, which are “located in more outlying areas, are attracting more interest from owner pharmacists”.

 

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