Pharmacy Seekers is owned and run by two of the most experienced people in the sector. Like you, we are independent business owners. So you will be dealing with one of us and our team, who will ensure a smooth and professional process.
The key things we need are: 12 months NHS Statements, 3 Years Accounts, Latest Management Accounts, a copy of the lease and Staff Details.
In most cases, and to maximise your tax benefits, you should sell the shares in your Company. However, it’s important that you seek advice from your Accountants to determine the best structure for you.
Make sure your lease has a minimum of 10 years remaining, ideally 15. This will allow the purchaser to seek a maximum loan term in order to fund the purchase.
Also, ensure the lease and your NHS contract are in the same name as the Company and that your NHS Statements match your Company name. Often we engage businesses that have incorporated to a Limited Company from a Sole Trader or Partnership that have not informed the NHS.
Staff should have up to date contracts, which reflect their current working arrangements.
Pharmacy sales can take anything from 3 to 12 months. The most important thing is that you engage a good lawyer who understands the sector and has experience of Pharmacy transactions.
Once we accept an offer, we draft Heads of Terms for the sale of the business. At this point the purchaser will pay a commitment fee of a minimum of £15,000.
We work with a number of different law firms who have significant experience in Pharmacy sales. We can give you a list of our recommended solicitors and arrange an introduction.
PS Finance is headed up by Brian Phillips, who spent 30+ years at Lloyds Bank and has extensive experience of structuring loans and debt facilities in the Pharmacy Sector. As part of our process we will access the viability of a business and determine if it’s something you can comfortably afford to buy.
Typically banks will lend up to 80% of the purchase price of the business, in some instances this could be as much as 95%.
PS Finance has relationships with all of the major funders. Using our extensive experience in the funding sector we are can access key decision makers within those organisations to ensure swift response times.
Purchasing a Pharmacy is an expensive process. Legal fees and accountancy fees will cost you between £10,000-15,000 pounds depending on the type of Pharmacy you are purchasing.