A 150-year-old pharmacy in Cheltenham has been purchased shortly after going into administration.
Property brokers Christie & Co said Spa Pharmacy occupies “a neo-Georgian terrace property” in one of the city’s “most desirable residential areas” and was sold after falling into financial hardship this June.
Christie & Co received 18 offers for the pharmacy before deciding to sell to “growing regional pharmacy group” Medicine Clinic Pharmacies for an undisclosed price.
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Medicine Clinic Pharmacies described the sale as “an exceptionally fast and complex transaction” completed within a week.
It said it has already taken over day-to-day operations of the pharmacy and is “pleased to be working alongside the previous owners” to “rebuild the business and get it back on track”.
Richard Thomas, senior business agent for pharmacy at Christie & Co, said that the sale “demonstrates the buoyancy of the pharmacy market”, which has seen “high levels of activity and strong buyer appetite”.
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It comes after Christie & Co described the pharmacy market as “very good and strong” at this year’s PharmacyForum in Spain.
Christie’s medical head of valuation Christopher Vowles said that earnings before interest, taxes, depreciation and amortization multiples are higher and “a lot better” compared to those in other markets such as retail, hotels and care.
