Blenheim Pharmacy in Luton now has new owners after being sold for an undisclosed price to brother and sister pharmacists Rohola and Mitra Azimi, who live in the area.
Situated on Blenheim Crescent, it's a 100-hour community pharmacy dispensing upwards of 11,000 items per month, with a total income in excess of £1.5 million.
The previous owners, Prab Channa of Castle Shaw Ltd who recently purchased Priory Pharmacy in Kent, decided to sell Blenheim Pharmacy to fully relocate to the area.
Carl Steer, director of medical at Christie & Co, who handled the sale, said: “Sales of 100-hour pharmacies across the UK for the past two to three years have been sparse. Quite often, to attract interest, the business needs to be established, profitable and valued at the correct level.
"Blenheim ticked all of these boxes and, despite the obstacle of a short lease, having a client who was pro-active and organised made the process much smoother. It was not an easy deal but, when seller, agent and advisors work as a team, it only had one outcome; a successful completion.”
Dave Ward, Senior Director at Christie Finance, who secured funding for the buyers, said: “Lenders have appreciated the re-emergence of pharmacies during the pandemic as playing an integral role within local communities. T
"They are cautious, though, of the ability for businesses to continue to provide essential services once this peak has subsided. It is essential, therefore, to demonstrate that the underlying business is rock solid and that owners are not just relying on COVID-related income.”