Specialist business property adviser, Christie & Co, has sold Manns Pharmacy in Carlton, Nottinghamshire.
Manns is a standard hours community pharmacy that dispenses an average of 2,800 items per month. It is located in the residential area of Carlton, a suburb north-east of Nottingham city centre, between the suburbs of Mapperley and Gedling.
The pharmacy has been owned by Gurinder Singh Mann for over 20 years and was brought to market to enable retirement.
Following a confidential sales process with Carl Steer at Christie & Co, and with funding sourced through Joe Carden at Christie Finance Unsecured, it has been purchased by Leicester-based first-time buyer, Ravi Bansal.
Carl Steer, Director – Pharmacy at Christie & Co, says: “We have been working with and advising Mr Mann for some years, so it is nice to bring another sale to completion for him following the sale of his Mapperley branch last year. Demand remains in the market for sub £1 million pharmacies right across the Midlands, however correct pricing has become an important aspect of the current market.”
Joe Carden, Senior Finance Consultant at Christie Finance, says: “Ravi is a very experienced pharmacist and owning a pharmacy had been a goal of hers for some years, so it was a delight to assist her in this purchase. We were able to secure 80 per cent of the purchase price via an unsecured loan to allow her to complete her first purchase.
“Lender appetite is strong for first-time pharmacy purchasers; however, detailed information is key for a successful application. The more a lender can understand the applicant, their experience, and how they are going to run the pharmacy, such as what new ideas they’ll implement and how they manage the business day to day, the higher likelihood of approval.”
Manns Pharmacy was sold for an undisclosed price.
