Pharmacy deals prove the right medicine for law firm

A Staffordshire law firm has identified an unusual acquisition trend after completing a series of deals all in the same niched sector.

Ansons, which has offices in Cannock and Lichfield, said its pharmacy team had completed nine deals in the first quarter, worth a combined value in excess of £13m.

The deals, not all of them local, contributed to a strong start to 2017 for the firm.

Transactions included purchases, disposals, refinances and a relocation and were based throughout the UK, with a large number in the Midlands, but additionally, in the South East and South West of England.

The firm said this volume of transactions reinforced the current strength of the pharmacy market, and it is hopeful the trend will continue throughout 2017.

Jamie Gill, associate solicitor in the firm’s pharmacy team, said: “Despite the looming NHS funding cuts, the market remains strong, particularly with smaller groups looking to grow their portfolio. Many sellers are still receiving offers above their asking price.”

Recent transactions include:
•    the acquisition of a 12-site pharmacy group in Wales for more than £6m;
•    the acquisition of a London-based pharmacy for in excess of £3.5m;
•    the acquisition of two pharmacies in Lancashire and Yorkshire from a major pharmacy chain for in excess of £3m, including management agreements;
•    the disposal of a pharmacy in Exeter for more than £1m; and
•    the refinancing of a pharmacy in Berkshire for circa £2m.