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An independent pharmacy in Cheltenham that entered administration after facing financial difficulties earlier this summer has been sold to a new owner.

Broker Christie & Co announced the sale of 150-year-old Spa Pharmacy, described as being situated in “one of the most desirable residential areas in Cheltenham,” to Medicine Clinic Pharmacies, which currently lists 14 branches on its website.

Spa Pharmacy fell into financial difficulties in June, with administrators from BK Plus instructed shortly after and facilitating the sale for an undisclosed price.

Medicine Clinic Pharmacies has taken over the daily running of the pharmacy under a management agreement that was completed in less than a week, with completion to follow after the NHS approves the change of ownership.

All employees’ roles have been transferred to the new owners, with Spa Pharmacy’s creditors expected to see a return from the sale, according to the administrators.

Medicine Clinic Pharmacies director Mitesh Patel 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.

“Our immediate priority is 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. Medicine Clinic Pharmacies remains committed to investing in community pharmacy and protecting access to vital local healthcare services.

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

Administrator Simon Wall said: “We are pleased to have been able to secure the sale of the Spa Pharmacy following an accelerated mergers and acquisitions process.”

Richard Thomas, a pharmacy business agent with Christie & Co, said “It was a pleasure to work with the team at bk plus to secure a buyer for Spa Pharmacy in Cheltenham. 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. We were delighted to receive 18 offers in total, securing a strong outcome for our client and, importantly, for the people of Cheltenham. This sale further demonstrates the buoyancy of the pharmacy market, where we continue to see high levels of activity and strong buyer appetite.”