North East pharmacy sold after 23 years of ownership20/07/2020
T Kingston Pharmacy in Skelton-in-Cleveland was sold with the help of the corporate team at Mincoffs Solicitors and specialist business property advisor Christie & Co.
Located approximately 10 miles east of Middlesbrough, T Kingston Pharmacy is a high dispensing business that sits adjacent to the Hillside Medical Centre, which currently has five GPs who prescribe circa 14,600 items per month. It has been owned and run, for the last 23 years, by Simon Savage who worked in the pharmacy full-time as the Principle Pharmacist with the help of two part-time Pharmacists.
T Kingston Pharmacy has been purchased by Welcome Health Pharmacies Limited, a local group operator who already own three other pharmacies in the area. Speaking on behalf of the company, Vaibhav Chhatwal comments, “Buying T Kingston Pharmacy was one my best experiences in terms of all the pharmacy acquisitions I have done in my business career so far. It is a like a gem in my portfolio crown. I cannot express how chuffed I am after owning this great business and adding to my business empire.”
Simon Savage decided to sell in order to pursue a well-earned retirement. He comments “My time in pharmacy has come to an end after many years working in a very busy shop, and I wish Welcome Health Pharmacies every success in the future.”
Karl Clezy, Director of Medical at Christie & Co, who handled the sale said “The pharmacy generated strong interest from buyers located across the north of England due to its location next to the health centre and the high number of items it was dispensing. In total there were three competitive offers, all from group operators. The pharmacy will fit well into Mr Chhatwal’s pharmacy estate, increasing his number of branches to four in this area of the north east.”
Chris Hughes, Associate Solicitor at Mincoffs Solicitors who acted on behalf of Simon Savage on the sale of the pharmacy added “It was a pleasure to act for Simon. I wish him a long and happy retirement and best of luck to the new operator Welcome Health Pharmacies Limited.”