Only pharmacy in Northumberland village sold to first-time buyer
Specialist business property adviser, Christie & Co, has announced the sale of Allendale Pharmacy in Northumberland. Funding for the buyer was sourced through Christie Finance.
Allendale Pharmacy is a well-performing community pharmacy dispensing an average of 4,750 items per month. It lies completely unopposed and close to a GP surgery in the village of Allendale in Northumberland and is consequently part of the Pharmacy Access Scheme (PhAS).
The pharmacy was previously owned by Mr Rohit Nayyar who decided to sell concentrate on his other business in Northumberland. Following a confidential sales process, it has been sold to Mrs Reyhane Kiani, a first-time buyer from Newcastle upon Tyne.
Reyhane Kiani comments, “I am delighted to have acquired Allendale Pharmacy with an excellent local reputation. My future focus is very much on growth, and I believe we will develop a successful model alongside the clinical innovation and deliver better care for individuals.”
Karl Clezy, Director – Medical at Christie & Co who handled the sale, comments, “This is the second time we have sold this pharmacy in four years, and we received a significant number of enquiries from both first-time buyers and independents alike. The pharmacy plays an important role in this small community of just over 2,000 residents. It has a good working relationship with the local health centre where the majority of prescriptions come from, and I am confident the new owner can further develop the business by offering more clinical services that will benefit the local community.”
Craig Dickson, Director at Christie Finance who sourced funding for the buyer, comments, “I was delighted to assist Reyhane in arranging the funding to purchase her first pharmacy - her enthusiasm and commitment to the sector will no doubt ensure that the business goes from strength to strength.
“Funding for first-time buyers is very much available in the sector, however putting together a comprehensive pack of information is absolutely the key to any funding application, therefore a bit of time and effort from borrowers at the outset pulling together all the supporting documents will certainly be beneficial and speed up the decision-making process.”
Allendale Pharmacy was sold for an undisclosed price.
For further information on this press release, contact:
Phoebe Burrows, Corporate Communications Executive
P: 020 7448 8849 or E: phoebe.burrows@christie.com
Contact the agent:
Karl Clezy, Director – Medical
P: 07885 813 160 or E: karl.clezy@christie.com
Contact Christie Finance:
Craig Dickson – Director
P: 07713 061 621 or E: craig.dickson@christiefinance.com
Visit Christie & Co’s Business Search page to find out more about current medical listings.
