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Two Scottish chains acquire independent pharmacies


By Léa Legraien
Reporter

07 Jun 2018

Two Scottish pharmacy chains have each bought an independent pharmacy in Scotland.

The Right Medicine Pharmacy group, which owns more than 20 pharmacies across Scotland, successfully bought John Kennedy pharmacy in Dunoon for over £1.45m.

Meanwhile entrepreuneur Mr Sanjay Majhu – who has 10 pharmacies in Scotland – acquired Islay Pharmacy in the Isle of Islay for £450,000.

Both sales were made through commercial real estate agency Christie & Co on the week of 18 April.

 

Time to retire

 

John Kennedy Pharmacy’s previous owner John Kennedy said he decided that now would be ‘a good time to retire’, having owned his pharmacy for more than 25 years.

Christie & Co director Karl Clezy said: ‘Despite the pharmacy’s unique location, there was still strong interest as turnover was in excess of £1m.

‘Several offers were made at the closing date, which helped the owner achieve a premium price for his business, in excess of the asking price of £1,450,000.’

The pharmacy is one of four pharmacies located on Argyll Street in Dunoon, dispensing around 8,500 items a month.

 

Unique location

 

Islay Pharmacy is the only pharmacy on the Isle of Islay for a population of more than 3,220.

Commenting on the sale, Mr Clezy said: ‘This long-running business was performing well with a turnover in excess of £500,000, dispensing 3,400 items per month, with the benefit of being the only pharmacy in the small community of Islay.

‘Interest was high from day one, despite the unique island location, and buyers were phoning from across Scotland, England, Northern Ireland and Southern Ireland.’


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