Specialist business property adviser, Christie & Co, has sold Cottingham Pharmacy in Grimsby, North East Lincolnshire.
Cottingham Pharmacy is a standard hour’s community pharmacy in the well-regarded village of Waltham on the outskirts of Grimsby. Dispensing circa 10,500 items per month, this is a busy retail pharmacy with the benefit of an established e-commerce website selling circa £10,000 of OTC items with good margins included in the sale.
Following a confidential sales process with Jon Booth at Christie & Co, and with funding sourced through David Ward at Christie Finance, it has been sold to husband-and-wife team, Isioma and Ezinne Honnah, who own Laceby Pharmacy nearby as well as another in Grimsby.
The pair plan to work on synergising the offering of the three pharmacies for the benefit of the community in the area thanks to the proximity and similar catchment area.
Isioma Honnah, 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 – Pharmacy at Christie & 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.”
David Ward, Senior Director at Christie Finance, said: “Having assisted Isioma and Ezinne with their initial purchase, working with them to help them acquire their third pharmacy has been particularly satisfying.
“Lenders are understandably scrutinising businesses more closely and it is important to match each business with the appropriate lender to ensure that together we can meet their growth aspirations.”
Cottingham Pharmacy was sold for an undisclosed price.
