A WELL-ESTABLISHED community pharmacy in a market town has been sold to a new owner who hopes to take it to 'new heights'.

Bishop's Waltham Pharmacy, in High Street, provides NHS and private services and dispenses an average of 6,200 items per month.

The business was previously owned by multi-operator Matrix Primary Healthcare.  

Following a sales process with Jonathan Board at Christie & Co, and with funding sourced through Gary Boyce at Christie Finance, the pharmacy has been sold to Madhu Bhogadi, an experienced pharmacist making his first move into pharmacy ownership.

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Hampshire Chronicle: Bishop's Waltham Pharmacy

Akwal Singh, director at Matrix Pharmacy Healthcare, said: “It took us a while to decide to market one of our off-patch pharmacies, albeit confidentially, as we haven't sold a business in many years.

"We were fortunate to attract strong interest in the pharmacy from the start, and I'm delighted with how things went. We're extremely pleased with the outcome and do not doubt that Madhu will be able to take the business to new heights.”

Mr Bhogadi, the new owner of Bishop's Waltham Pharmacy, said: “I’m delighted to have acquired the community pharmacy in Bishop's Waltham. It is a business that I am looking forward to growing over time, becoming an integral part of the local community for many years to come, and really making the business my own."

Jonathan Board, director – medical at Christie & Co, said: “I was delighted to act on the sale of this pharmacy and deal with Madhu on his purchase.

"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 Madhu the very best in his new business.”

Gary Boyce, director at Christie Finance, said: “It’s been a pleasure arranging funding for Madhu and helping him overcome the many challenges in completing his first pharmacy purchase.

"Bishop's Waltham Pharmacy provides an ideal opportunity for him to implement his exciting plans, which he’s developed from a wide variety of pharmacist roles performed to date. We look forward to seeing him develop the business and be ready to support his next venture.”