Christie & Co, a specialist business property adviser, has announced the sale of Woodstock Road Chemist in Oxford.
Woodstock Road Chemist is a well-established, renowned community pharmacy which provides NHS and private services and dispenses an average of 9,500 items per month. It is located on a busy commercial parade, just a short distance to the north of Oxford city centre.
This family-run business has been owned by Mr Riaz Ahmed for nearly 25 years and was recently brought to market to allow him to enjoy a well-earned retirement.
Following a confidential sales process with Christie & Co, Woodstock Road Chemist has been sold to Mr Kasim Moghal and Mrs Sila Topcu – both local experienced pharmacists making their first move into pharmacy ownership.
Mr Riaz Ahmed, former owner of Woodstock Road Chemist, comments, “Over the years, with the support of my family and pharmacy team, we had grown the business significantly and, after 25 years, I was keen to retire and for someone to take on my business.
“I am sure Kasim and Sila will be successful and will grow the business and build on the great relationships we had created. I would like to thank Jonathan at Christie & Co for all his hard work and am delighted that the sale has now completed.”
Mr Kasim Moghal, the new owner of Woodstock Road Chemist, commented: “I’m delighted to have acquired this pharmacy. It is a business which ticks all the boxes for us. Riaz and the staff have been an integral part of the community for many years, and Sila and I look forward to continuing his great work whilst making the business our own.”
Jonathan Board, Director – Medical at Christie & Co, who handled the sale, said: “I was delighted to act for Riaz on the sale of his pharmacy in Oxford, who was great to work with!
“The vast majority of active buyers at the moment are independent operators, and this is a perfect example of what they normally look for – a well-established pharmacy that would benefit from renewed enthusiasm and energy. I wish Kasim and Sila the very best in their new business and Riaz a very well-earned retirement.”
Gary Boyce, Director at Christie Finance, who sourced funding for the buyer, added: “It was a pleasure working with Kasim and Sila and helping them acquire their first pharmacy business.
“Woodstock Road Chemist is ideal for them as capable and enthusiastic first-time buyers. Working closely with them at the outset meant we were able to structure a bespoke loan application that drew on their capabilities and mitigated the challenges that came with the deal.
“This resulted in securing very competitive funding terms, with a bank ready to support their long-term business needs. I look forward to seeing their plans come to fruition at Woodstock Road Chemist and hope to have the opportunity of helping them acquire further businesses in the future.”
Woodstock Road Chemist was sold for an undisclosed price.