North End City Pharmacy in Portsmouth sold to Lalys Pharmacy as firm expands Hampshire reach

Specialist business property adviser, Christie & Co, has announced the freehold sale of City Pharmacy in Portsmouth, Hampshire. This community pharmacy dispenses an average of 6,900 items per month and is located on a busy parade in the North End area of Portsmouth. It has been owned by Nyewood Healthcare for over 25 years and was recently brought to market to allow its owners to concentrate on their two remaining pharmacies in West Sussex.

Following a confidential sales process managed by Jonathan Board at Christie & Co, the business has been purchased by existing regional operator, JCL (U.K.) LTD – Lalys Pharmacy, which has multiple other pharmacies in Hampshire, Dorset, and Surrey.

Claire Johnson, superintendent pharmacist of Nyewood Healthcare said: “It took a while to decide to market one of our businesses, albeit confidentially, as we have owned them for many years. We were fortunate to receive good interest in the pharmacy from the early stages, and I am delighted with how things went - I feel I had excellent guidance throughout the process and am very happy with the result.”

Raj Laly, director at Lalys Pharmacy added: “We are delighted to continue the expansion of our group in Portsmouth as we currently operate right across Hampshire, Surrey, and Dorset. We look forward to integrating the business into our group and improving the services on offer at this well-established community pharmacy.”

Jonathan Board, director – medical at Christie & Co, said: “This well-located community pharmacy appealed to a wide range of buyers and was typical of what is currently in demand – pharmacies with a healthy level of prescriptions, a good level of footfall, and space for the delivery of additional services. Despite ongoing operational challenges in the marketplace, it is showing remarkable resilience and there remains significant demand for well-established, well-located pharmacies such as this one.”

City Pharmacy was sold for an undisclosed amount. Legal advice for the sellers was provided by PDT Solicitors, and advice for the buyers came from Charles Russell Speechlys. The move comes after the closure of Cosham's Boots Pharmacy - in High Street - amid a company-wide "consolidation" which saw the chain shut 300 pharmacies last year.