Pharmacists build their local presence with fresh acquisition
Marton Road Pharmacy, in Bridlington, has been sold for an undisclosed sum.
The business dispenses an average of 18,500 items per month and runs a COVID-19 vaccination service. Its sale was arranged by specialist business property adviser, Christie & Co.
The pharmacy was owned by Tapiwa Masamha, who had almost doubled its dispensing numbers in the last six years.
Having significantly grown the business, he decided to sell to concentrate efforts on his other pharmacy businesses in East Yorkshire and North East Lincolnshire.
Marton Road Pharmacy has been acquired by husband and wife pharmacist team Jaya Authunuri and Aswini Gaali, who already own another pharmacy in the town.
Masamha said: “I am pleased the pharmacy has been sold to such a forward-thinking pair of pharmacists already embedded in the local area, and with strong, existing relationships within the wider healthcare community locally.
“I wish Jaya, Aswini and my former team the very best for the future.”
Jaya Authunuri and Aswini Gaali said: “We have shored up our future position in the town with this acquisition and look forward to supplying high-quality pharmacy services to the people of Bridlington.”
Jon Booth, director – pharmacy at Christie & Co, said: “With us having been involved in the previous sale of this pharmacy to Tapiwa in early 2017, it was a pleasure to be asked to handle the onward sale for him following his incredibly successful years at the helm in which the business had been dramatically improved.
“Standard hours pharmacies with this level of volume remain rare to the market and have their challenges in attracting buyers.
“However, this is a great example of where our local knowledge of operators came to the fore to tie up a deal with a local independent wanting to grow their estate.”
Alena Ray, associate director at Christie Finance, who sourced funding for the deal, added: “Working with Jaya has been incredible as he put all his faith in me right from the start, and I am pleased to have secured finance towards the acquisition of Marton Road Pharmacy.
“While the funding process was riddled with challenges along the way, having access to specialist lenders in the market proved beneficial in securing a competitive funding package.”