150-year-old Cheltenham pharmacy rescued from administration

The historic business has been snapped up by a larger regional group

A 150-year-old pharmacy in Cheltenham that collapsed into administration earlier this year has been sold off, securing the jobs of all staff.

Spa Pharmacy, which occupies a neo-Georgian terrace property on Rotunda Terrace, fell into financial difficulty in June, with insolvency specialists at BK Plus appointed shortly after.

The pharmacy has now been acquired by Hampshire-headquartered group Medicine Clinic Pharmacies for an undisclosed sum.

Medicine Clinic has taken over the day-to-day running of the business via a management agreement, with full completion to follow on NHS change of ownership approval.

Mitesh Patel, director at Medicine Clinic Pharmacies, said: “We are delighted to have exchanged on the takeover of Spa Pharmacy and, most importantly, to have been able to get the pharmacy back open and serving its local community so quickly.

“This was an exceptionally fast and complex transaction, with exchange achieved within just seven days, and it took a huge collaborative effort from everyone involved to make it happen.”

Mr Patel said the group’s “immediate priority” was to provide “stability and continuity” for patients, staff and the wider community.

“We are also very pleased to be working alongside the previous owners, whose knowledge of the pharmacy, its patients and the local community will be invaluable as we work together to rebuild the business and get it back on track,” he said.

“We see significant potential at Spa Pharmacy and are excited about the next chapter for the pharmacy, its team and the community it serves.”

The sales process was managed by Richard Thomas and Jonathan Board of property firm Christie & Co. The firm said it received 18 offers for the business before the sale with Medicine Clinic was agreed and that it demonstrated “the buoyancy” of the pharmacy market.

Mr Thomas said: “The pharmacy has traded as a successful independent business for many years, so speed was of the essence to ensure local patients could continue to access their medication. We undertook an expedited sales process and invited best and final offers within just one week.”

Simon Wall, associate director at BK Plus, added: “We are pleased to have been able to secure the sale of the Spa Pharmacy following an accelerated mergers and acquisitions process.

“The pre-packaged sale agreed immediately on myself and Brett Barton’s appointment as joint administrators has secured the employment of all of the company employees, and we anticipate a return to creditors.”