Pharmacist couple buy second ex-Lloydspharmacy branch for almost £500k
A Portsmouth couple have purchased their third pharmacy, which is their second former Lloydspharmacy branch, a specialist finance broker has announced.
Finance broker Christie Finance announced last week (November 2) that husband-and-wife team Sundeep and Ayoniza Saini had purchased Westlands Grove in Fareham, Portsmouth.
The acquisition of the pharmacy, which is a former Lloydspharmacy branch and dispensed an average of 5,300 items per month before the sale, was funded through the independent finance broker - a sister company of specialist broker Christie & Co - it said.
A spokesperson told C+D that the pharmacy was sold for £479,000.
Christie Finance said that the purchase expands the couple's portfolio to three pharmacies in the area.
Both “practicing pharmacists”, the couple acquired their first pharmacy - New Forest in Southampton - in 2019 under a leasehold basis, it said.
They then decided to acquire the freehold for the property as well as their second location Swaythling - a former Lloydspharmacy branch in Southampton - earlier this year, it added.
The broker said that they decided to embark on securing their third pharmacy ‘’due to the success of these sites” and acquired Westlands Grove from Lloydspharmacy as a result.
The sale “comes on the back of” the multiple’s “current strategy to reduce [its] number of sites across the UK” that has “provided ample opportunity for independent buyers looking to expand”, it added.
“A real journey”
Mr Saini said that securing funding for three deals - the freehold purchase of a pharmacy and attached property as well as two Lloydspharmacy branches - had been “a real journey in the last six months”.
Finance consultant at Christie Finance Richard Bruton, who secured the funding for the purchase, said that it had been a “great experience” working with the Sainis and that he looked forward to working with them again “in the near future”.
“It started with plans for just one acquisition, but further opportunities arose as time went on and we managed to secure funding for all of them”, he added.
It comes as Christie & Co announced last week that a pair of pharmacies located in Derbyshire are on the market for £850,000 after going into administration.