Established pharmacy sold off following strategic review
Adel Pharmacy, in Leeds, has been sold for an undisclosed sum.
The pharmacy, which dispenses an average of 4,039 items per month, is within the Adel Health Hub.
It was previously owned by M&B Healthcare Ltd which has a portfolio of nine other pharmacies in the north west of England. The group decided to sell this branch as part of a strategic review of its portfolio.
Following a confidential sales process with Tom Young specialist business property adviser, Christie & Co, and with funding sourced through Alena Ray at Christie Finance, it has been sold to SAAAI Pharma Ltd, which is owned by five pharmacists led by Shahbaz Mirza and Abbas Fazal.
The new owners say they intend to build on the success M&B Healthcare Ltd has achieved at Adel Pharmacy and introduce new, additional private services.
Peter Burrows, owner at M&B Healthcare Ltd, said: “When we had a strategic review of our group, we saw Adel as an ideal site to dispose of, due to it sitting outside of the geography of our other branches which are based in the northwest.
“Naturally, we called Christie & Co and, while there was plenty of interest in the site, it was pleasing to do the deal with Shahbaz who is an operator based in Leeds. We wish him all the very best with the business in the future.”
Mirza, co-owner of SAAAI Pharma Ltd, said: “We decided to purchase this pharmacy due to its convenient location close to home, which not only supports ease of management but also aligns with our desire to serve the local community.
“Another key factor in our choice was the limited competition in the area, presenting a unique opportunity to strengthen our foothold in the market.
“We plan to build upon the solid foundation laid by M&B Healthcare, whose efforts have already established the pharmacy as a trusted presence in the community.”
Tom Young, senior business agent – pharmacy at Christie & Co, added: “When we went to market, we received multiple offers, from first-time buyers to existing operators, all in just two weeks from the initial marketing phase.
“We are pleased to have sold this to a local operator who can offer a hands-on approach, and we wish them all the best for the future.”
