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Pharmacy multiples are selling fewer branches than in recent years – but the ones they are selling today are often better quality and more sustainable, writes Jonathan Board, head of pharmacy at Christie & Co

the UK community pharmacy market in 2026 continues to operate under sustained financial pressure with rising operating costs, ongoing medicine shortages and workforce challenges remaining very real concerns. At the same time, however, the market is seeing continued corporate rationalisation and, perhaps surprisingly to some, strong buyer demand.

While trading conditions remain challenging, demand for pharmacy acquisitions is resilient, particularly from first‑time buyers and independent operators.

This is something we are seeing first‑hand at Christie & Co - in the first quarter of this year alone, our pharmacy team received over 330 offers for clients, agreed 91 new deals with a total value close to £60 million, brought nearly 50 new pharmacy opportunities to market, and completed on more than 40 transactions.

Already in 2026, we have advised on, agreed or sold 350 pharmacies across the UK, giving us unparalleled insight into how buyer and seller behaviour is evolving, particularly in relation to corporate pharmacy disposals.

What’s driving corporate pharmacy disposals?

Compared with the period between 2021 and 2024, there are fewer low‑value, distressed corporate disposals coming to market. That said, many large operators are continuing to conduct strategic portfolio reviews as they look to streamline estates, reduce operational risk, and focus investment on their most profitable, core locations.

Financial pressures - from staffing costs to supply chain disruption - mean that even viable branches may no longer align with corporate performance benchmarks or long‑term strategy. As a result, disposals are still very much happening, but the profile of those sites is changing.

Earlier this year, we launched a corporate divestment on behalf of a national operator. Within three weeks, the opportunity attracted over 1,000 registered applicants to the data room, which clearly illustrates the appetite that exists for well‑located pharmacy assets.

Ultimately, while the volume of corporate disposals may be lower than in recent years, the mix is shifting away from smaller, distressed sites and towards more sustainable, higher‑quality opportunities.

Buyer appeal

Corporate pharmacy disposals can present a significant opportunity for the right buyer. In many cases, these branches have been identified as underperforming within a large group structure, rather than being flawed businesses in themselves.

For independent buyers, this can open the door to a relatively straightforward turnaround, as cost bases can often be reduced through leaner staffing models, improved rota management, and tighter stock control.

Local ownership also allows for more responsive service delivery, stronger community engagement, and the introduction or expansion of private services as demand grows.

Importantly, these pharmacies typically come with an established patient base and existing prescription volumes, which provide immediate operational continuity while giving new owners the platform to build additional income streams over time.

We anticipate a steady pipeline of corporate disposals throughout 2026, alongside a healthy supply of independent pharmacy sales. What we are seeing, however, is a slight uplift in the average quality and value of these pharmacies, compared with previous years.

For buyers, this means opportunities remain available, but competition is strong, and well‑prepared purchasers are best placed to move quickly when the right asset comes to market.

Checklist for buyers

Anyone considering a corporate disposal should approach their due diligence in much the same way as they would for an independent pharmacy. Historic trading performance, staffing costs and property terms - particularly lease arrangements - remain critical.

One key difference is that corporate sellers are often unable or unwilling to provide fully itemised profit and loss accounts. Buyers should therefore be prepared to analyse headline financial data carefully and seek professional advice where needed.

Local demographics and competition are also crucial. In some areas, previous pharmacy closures may have driven increased prescription demand into remaining branches.

Buyers should also assess whether systems, staffing structures, or workflows have been neglected ahead of sale and, importantly, whether those areas represent an opportunity for operational improvement rather than a risk.

Despite wider market pressures, lender appetite remains strong for well‑presented pharmacy acquisitions. First‑time buyers accounted for approximately 30 per cent of all transactions in 2025, underlining continued bank support for the sector.

Turnaround opportunity

We have recently advised buyers who have successfully acquired corporate disposals and transformed performance through relatively straightforward interventions.

In one such case - a former corporate‑owned pharmacy in a commuter location - the new owner focused on improving staff engagement, tightening dispensary processes and expanding locally relevant private services.

Within a relatively short period, prescription efficiency improved, costs were better controlled and community engagement increased, illustrating how local ownership and hands‑on management can unlock value that may not be achievable within a larger corporate structure.

Corporate pharmacy disposals are no longer simply distressed assets; they are increasingly well‑located, operationally viable businesses that no longer fit within corporate strategy.

For independents and first‑time buyers willing to do their homework, they can present an excellent entry point or expansion opportunity in a challenging but resilient market.

If you’re looking to buy a pharmacy and would like to discuss your options in more detail, get in touch with Jonathan Board: jonathan.board@christie.com or 07775 807 071