Hull-based Hessle Pharmacy sold to young, ambitious pharmacists
Specialist business property adviser, Christie & Co, has announced the sale of Hessle Pharmacy in Hull, to young pharmacy group, Origin Management. Funding for the sale was sourced through Christie Finance.
Hessle Pharmacy, established in 1996, began as a small community pharmacy which quickly developed into a viable business dispensing an average of 12,000 items per month and gaining an excellent reputation for providing an outstanding service to the residents of Hessle in Hull.
The business was previously owned by JHL Care Limited, a company owned and directed by Mr Grahame Hardy, Mr John Johnson, and Mr Colin Law, who decided to sell to enjoy a well-earned retirement.
Mr Law comments, “In 2019 we reached a decision that, as we were all getting older, it was time to retire, and so we placed Hessle Pharmacy on the market through Christie & Co. Interest in the business occurred very quickly and an offer was made and accepted. This is our last remaining pharmacy as Wybers Wood and Molescroft were sold in 2007, and Orchard 2000 in 2018.
“The buyers are young, keen, enthusiastic pharmacists who will continue to increase and develop the business as we have done in the past. They recognise that the staff are key to the future and I know they will look after them to help the business to continue to prosper. We are now looking forward to a long and happy retirement!”
The business has been purchased by Origin Management; a group of young pharmacists based in Hull. This is the company’s second acquisition in 12 months and it is keen to expand further in the coming years.
Jon Booth, associate director at Christie & Co, who handled the sale, comments, “Having acted for the directors of JHL in the sale of Orchard 2000 in 2018, we were very pleased to be given the opportunity to market Hessle Pharmacy and assist Colin, Graham and John in the final piece of their retirement jigsaw. Hessle Pharmacy is a fantastic example of an independent community pharmacy which, thanks to an excellent team, is constantly improving and which has adapted particularly well to the challenges faced during the pandemic. I am looking forward to seeing the continued growth of the new owners, Origin Management, and wish the three Directors of JHL the very happiest and healthiest of retirements.”
Jawad Anjum, director at Christie Finance, who sourced the funding for the sale, comments, “My clients, Origin Management, met 10 years ago at Sunderland University whilst they were studying to be pharmacists and have been close friends ever since. Collectively, they bring a wealth of experience with over 20 years’ combined working in the pharmacy sector within various different roles. Hessle Pharmacy is a fantastic opportunity for them as the trade has already been developed by the former owners and is increasing year upon year.
“Origin Management will be introducing additional services to the pharmacy which will help to further expand the offering provided to the local community. I’d like to wish them all the very best in their new venture and the expansion of their pharmacy group.”
Hessle Pharmacy was sold off an asking price of £975,000.