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Three siblings buy second pharmacy with £1.3m loan

buying a pharmacy
CT Dang bought its first pharmacy in Brighton at the beginning of 2015

Three pharmacist siblings have purchased their second premises in Brighton following a £1.3 million loan from Santander Business Banking, with plans to “each run their own pharmacy”.

Colin, Tony and Fiona Dang – owners of CT Dang Ltd – announced the purchase of the pharmacy on Western Road, Brighton for an undisclosed sum last week (July 19).

Following the purchase, the turnover of the company is forecast to “increase to around £2m”, it added.

The company bought its first pharmacy in the city at the beginning of 2015, with the aid of a £385,000 loan, it said.

Colin Dang said the siblings’ ambition is to own more pharmacies in the area.

"We are delighted [to] have managed to purchase two within just two years," Mr Dang said.

"Impressed us with their ambition"

Peter Warnke, relationship director at Santander Business Banking, said the siblings "impressed us with their ambition and business plan".

“As experienced pharmacists, they understand the issues affecting the industry, and as such have made a real success of their fledgling retail chain,” Mr Warnke said.

He added that Santander looks forward to working with them as they grow their business further.

Santander told C+D last month that it would continue to invest in pharmacies, despite the funding cuts in England. The loan to CT Dang follows £2.3m it put towards an online group’s acquisition of two pharmacies in June.

What were the most significant pharmacy acquisitions of 2016? Find out here.

Interested in buying a pharmacy? Check out the pharmacies for sale on the C+D Marketplace.

9 Comments
Question: 
Are you considering buying a pharmacy this year?

Ilove Pharmacy, Non Pharmacist Branch Manager

As has been proven Banks never lose. The loan is probably secured on property so if it all goes belly up. Bye bye nice house and hello local council(if exceptionally lucky) and food banks.

S Morein, Pharmacy Area manager/ Operations Manager

Actually banks do lose. Look at the financial crisis of 10 years ago where are Lehman or Northern Rock or Bradford and Bingley. But when it comes to profit very little beats the extraordinary returns contractors receive with their guaranteed lack of real competition via contract limitation. In fact the profits are so great that the sale of Co-op pharmacies saved the Co-op bank! 

Ilove Pharmacy, Non Pharmacist Branch Manager

Yes I'm sure it's purely for the patients, similar to Boots.

Ari Butt, Community pharmacist

Goodluck to them ! In the current climate of funding  cuts , I hope their business plan works ! 

Dave Downham, Manager

No. It. Doesn't. (Yawn)

paul lisbon, GP

You could have bought 13 houses at 100k each with 1.3 million, each house giving you £600 rent per month on each house, giving you a total of £7800 per month without the headache of running a phamracy and the hassle of monthly under payments by PPA each month

Helen Pinney, Pharmacy technician

Maybe they're also interested in helping patients and improving the health of the local population rather than just trying to line their pockets.

 

Edit: This was in response to the comment about becoming private landlords. It wasn't until I posted it that I realised it looked like a snarky standalone comment!

S Morein, Pharmacy Area manager/ Operations Manager

Savage cuts destroying the network. Gross profit different to Net profit. Yet the facts remain goodwill prices the real reflection of the forward value of a contracts value remain at record high multiples. 

Anonymous Anonymous, Information Technology

I'm sorry but do you have any actual grasp of the English language??? Essentially that entire comment was unintelligible! You just seem to add in business phrases to sound 'clever'!!

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