Grimsby pharmacy sold to local husband-and-wife duo
Cottingham Pharmacy in Grimsby has been sold by property advisors Christie and Co for an undisclosed price.
The pharmacy has been sold to husband-and-wife team Isioma and Ezinne Honnah, who also own Laceby Pharmacy and another location in Grimsby.
The couple plan to integrate the services of all three pharmacies to better serve the local community.
Located in the village of Waltham, on the outskirts of Grimsby, the pharmacy is a business dispensing around 10,500 items per month.
It also includes an e-commerce site generating around £10,000 in over-the-counter sales.
The sale, managed by Jon Booth at Christie and Co with funding arranged by David Ward at Christie Finance, was completed by husband-and-wife team Isioma and Ezinne Honnah, who also own Laceby Pharmacy and another location in Grimsby.
They plan to streamline the services of the three pharmacies to better serve the local community.
Isioma Hannah, the new owner of Cottingham Pharmacy, said: “This is a fantastic strategic acquisition for our family business, taking us to three contracts across the wider Grimsby area. The village of Waltham, where the pharmacy sits, has a distinct but similar population to our existing pharmacy in nearby Laceby, and we look forward to expanding what we do there as well as enhancing the excellent business that we have acquired.”
Jon Booth, director of pharmacy at Christie and Co, said: “On paper, this is the sweet spot of the market across the North of England – a standard hours pharmacy with low rent, over 10,000 items dispensing and good margins. However, experience has shown that buyers can be a little bit harder to find for sites in these coastal locations which are a long distance from the large cities of Bradford, Leeds and Sheffield.
“Whilst it took a bit of time to get the deal tied up, in the end, several parties were interested, and it is pleasing to see the deal now complete to Isioma and Ezinne – a pair of committed and hardworking local independents with already established contracts in the town. I look forward to seeing how they progress with Cottingham which offers a great base to grow from and wish them the very best of luck with the new site.”
