HUSBAND-AND-WIFE PHARMACISTS BUY FIRST LONDON PHARMACY — AND THEY’RE ALREADY PLANNING THEIR NEXT ACQUISITION
ONE PHARMACY MAY NOT BE ENOUGH: HUSBAND-AND-WIFE BUYERS BEGIN LONDON ACQUISITION JOURNEY
Manisha and Shrikant Galande have made the leap from pharmacists to business owners by acquiring Qrystal Pharmacy in Borough. The husband-and-wife team’s first acquisition gives them a Zone 1 operation dispensing around 5,500 items a month — and they are already considering buying more pharmacies.
For husband-and-wife pharmacists Manisha and Shrikant Galande, buying Qrystal Pharmacy in Central London represents considerably more than a change of ownership.
It is their first pharmacy acquisition, their entry into business ownership together and, potentially, the beginning of a much larger entrepreneurial journey.
The couple have acquired the established community pharmacy on Borough High Street for an undisclosed sum following a confidential sales process conducted by specialist business property adviser Christie & Co, with acquisition funding sourced through Christie Finance.
And they may not stop at one.
According to Christie Finance, the first-time buyers intend to consolidate their newly acquired business before pursuing further pharmacy acquisitions.
FROM PHARMACISTS TO PHARMACY OWNERS
The acquisition gives Manisha and Shrikant an established operation rather than a business they must build from scratch.
Qrystal Pharmacy dispenses an average of around 5,500 items every month and provides both NHS and private healthcare services.
Its existing services include the New Medicine Service, NHS blood pressure checks, seasonal flu vaccinations and a private travel clinic.
The property also contains treatment rooms in its basement, creating potential for the couple to develop additional revenue streams from services including ear wax removal and travel healthcare.
For first-time owners, that combination of an existing prescription business, private services and underutilised treatment capacity could provide several avenues for growth.
A ZONE 1 LOCATION WITH DEVELOPMENT ON ITS DOORSTEP
Location was another important factor in the transaction.
Qrystal Pharmacy occupies a corner position on Borough High Street, approximately three minutes’ walk from Borough Underground station and 10 minutes from The Shard.
The surrounding area is also undergoing development.
Christie & Co highlighted a 400-room student development behind the pharmacy and the new shopping centre at Elephant and Castle among nearby projects with the potential to increase activity and footfall in the wider area.
Mark Page, Director – Pharmacy at Christie & Co, said: “The pharmacy’s location was a key factor in attracting interest, given its desirable position within the market.”
“It occupies a fantastic corner position on a busy street with The Shard in the distance. There’s also a converted basement area with a number of treatment rooms to capitalise on the high passing foot-flow.”
Page added: “I’m delighted for Shrikanth and Manisha and wish them both all the very best for their new venture.”
ONE OWNER RETIRES AS ANOTHER GENERATION STEPS IN
The transaction also represents a classic small-business succession story.
Former owner Asif Qureshi brought the pharmacy to market as part of his retirement plans after owning it for more than 15 years.
Qureshi relocated the business to its current Borough High Street premises in 2022.
His exit has now provided the Galandes with the opportunity to take over an established business and begin building an operation of their own.
The purchase price was not disclosed.
FIRST ACQUISITION — BUT POSSIBLY NOT THE LAST
Financing a first business acquisition can be one of the biggest hurdles facing professionals seeking to make the transition into ownership.
Raj Patel, Senior Finance Consultant at Christie Finance, said the couple sought specialist support to navigate the acquisition process.
“Our clients, both first-time buyers, sought our support to navigate the complexities of acquiring a pharmacy through Christie Finance,” he said.
“We successfully guided them through every stage of the process, culminating in the secure acquisition of their first pharmacy.”
More significantly, Patel indicated that the Borough purchase could become the first component of a larger portfolio.
“This transaction is the start of an exciting growth journey as they look to consolidate their position and pursue further acquisitions in the near future.”
That ambition changes the significance of the deal.
Rather than simply acquiring a job for themselves, Manisha and Shrikant potentially have the foundations from which to build a larger pharmacy business.
A FAMILY BUSINESS WITH ROOM TO GROW
Qrystal Pharmacy gives the husband-and-wife team several advantages from the outset: an established patient base, around 5,500 dispensed items a month, NHS and private income opportunities, additional treatment rooms and a prominent Central London location.
Their immediate task will be making their first acquisition successful.
Beyond that lies the more interesting business proposition.
If the couple execute the expansion strategy described by Christie Finance, their first pharmacy in Borough could eventually become the starting point for a multi-site family-owned pharmacy group.
For two pharmacists making the transition into entrepreneurship together, the keys to Qrystal Pharmacy could therefore represent the first chapter rather than the destination.
