Wolverhampton pharmacy put up for almost a million pounds is sold
A pharmacy in Wolverhampton has been sold having been put up for almost a million pounds.
The price paid for Tettenhall Wood Pharmacy in School Road has not been disclosed, but it was bought leasehold off an asking price of £925,000.
It was bought through specialist business property adviser Christie & Co and funding for the sale was sourced through commercial finance specialist, Christie Finance.
Tettenhall Wood Pharmacy dispenses in the region of 9,500 items per month and is in a mixed-use retail parade.
The business was previously owned by Andy Millard, who decided to sell to enjoy retirement and to play golf.
First-time buyer Vinayak Khanna said: “I am delighted to have finalised the purchase of Tettenhall Wood Pharmacy. As this is my first pharmacy this is an exciting new venture for me to be embarking upon. I have many plans to grow and expand an already successful business."
Carl Steer, director at Christie & Co, who handled the sale, said: “After his fair share of bad luck with two aborted private sales, Andy appointed Christie & Co to take the stress out of the next attempt. Although the road was not always smooth thanks to the pandemic, a sale was agreed and completed in less than six months.”
Gary Boyce, director at Christie Finance, who sourced funding for the buyer, added: “As an experienced pharmacist, Vinayak was determined to acquire his own pharmacy and we were able to assist him by securing the necessary funding to make his dreams become a reality. Tettenhall Wood Pharmacy presents a stable foundation for him to take forward and implement his growth plans. We wish him our very best and hope to be able to support him further in the future.
