Multiples are displaying a renewed interest in buying pharmacies as overall confidence in the market grows, brokerage groups have revealed.

There was a "cautious appetite" among the multiples to build up their networks, brokers Christie+Co and Hutchings Consultants told C+D.

They put the trend largely down to the removal of the 100-hour exemption in September 2012, which they said had brought greater stability to the pharmacy market.

Broker Hutchings Consultants said goodwill values had  risen by 10 to 20 per cent last year, once the threat of 100-hour pharmacies had disappeared	More on the 100-hour exemption 100 hours continues to fuel pharmacy openings Pharmacists fear online competition Supermarket pharmacies could undermine sector's accessibility, warns Andy Burnham
	Christie+Co said this marked the end of a quiet period for the multiples, which had tended to restrict themselves to "defensive" applications over the past three years.

Although independents were still making the "vast majority" of acquisitions, Christie+Co head of pharmacy Tony Evans said multiples were now keen to invest in their businesses. "I think it will be interesting to see how the [multiples] coming into the market affects prices," Mr Evans told C+D.

Fellow broker Hutchings Consultants said goodwill values had already risen by 10 to 20 per cent last year, once the threat of 100-hour pharmacies had disappeared.

"This was fuelled by the large number of buyers who were out in force, creating a very strong sellers' market," explained Anne Hutchings, managing director of Hutchings Consultants. "Among the buyers, we have seen a renewed interest from some of the multiples and many large and medium-sized groups, which are also very keen to buy at the moment."

Tim Jenkins, a partner at law firm Charles Russell who specialises in healthcare acquisitions, said confidence was now returning to the pharmacy market "across the board". "In our view, it is due to a combination of the removal of the threat of 100-hour competition, increased bank lending and general improvement in the economic outlook," he said.

But the Independent Pharmacy Federation said the trend had largely gone unnoticed at a local level. Chief executive Claire Ward said she was unaware of contractors reporting any "major activity" from the multiples.

Lambeth, Southwark and Lewisham LPC Jignesh Patel also reported little activity in his area, but pointed out that London was a particularly difficult area for pharmacy businesses. "The pressure is on [pharmacies] in inner London areas because of the property boom, which has led to higher rental," he told C+D.