#PSC10YearsTrading
Finally, we reach our tenth and latest year of trading and the end of our walk down memory lane. We’ve enjoyed looking back over our first 10 years and, after the doom and gloom of last year, it’s great to finish this review on a more upbeat note.
Whilst the Covid pandemic hasn’t dominated in the same way it did during year 9, it has continued to shape the profession over the last 12 months. One of the most notable features has been the community pharmacy sector’s involvement in the Covid vaccination roll-out. We’ve heard some amazing stories from our clients about setting up vaccination clinics in sports halls and community centres. One of our clients even took all the fixtures and fittings out of the retail area of his pharmacy to create a full vaccination centre including putting up a marquee outside the door for patients to wait!
Whilst not all pharmacy owners have been successful in securing a Covid vaccination contract, the whole profession has done an amazing job of raising its profile with the public and the Department of Health with extended deliveries to isolating patients, distribution of lateral flow tests and ramping up ‘flu vaccinations to name just a few of the services offered.
In recognition of the vital role played by pharmacies, particularly those in more isolated locations, the government announced the renewal of the Pharmacy Access Scheme (PhAS) to ensure that contractors located more than a mile from the nearest pharmacy (or 0.8 miles in deprived areas) would continue to receive additional funding. There will be some changes to funding for the scheme, with the highest and lowest dispensing businesses seeing a significant reduction in PhAS payments, but generally speaking the renewal of PhAS has been welcomed by the profession.
It was perhaps a sign of renewed confidence in the sector that pharmacy sales picked up significantly, with some of the multiples coming back to the market for the first time since the 2016 funding cuts. This was illustrated when we were able to complete the sale of a group of 6 pharmacies in East Anglia to one of the national multiples. We also saw sales agreed and completed in all four corners of the country, from Cornwall to Kent and from Yorkshire to Manchester, to buyers of all sizes including those acquiring their first business. It was really encouraging to see so much confidence in the sector after the hard work contractors have put in over the last couple of years.
We also had some great Market Entry successes, including the granting of a contract in a huge new medical centre in Hereford and the approval of a couple of very tricky relocations of 40-hour contracts to replace 100-hour pharmacies.
It seems fitting that we can confidently say our tenth year of trading was our most successful ever and we’ve been delighted to be able to help so many of our clients achieve their plans, whether that be starting their retirement or moving on to the next phase of building their businesses.
It only remains for us to say a huge thank you to all our clients who have supported us over the last 10 years and we look forward to sharing many more success stories in 2031!
Here’s a recap of years 1 – 9
