Willand Pharmacy, which went into administration in April last year has been sold to an independent pharmacist, Adis Kikic.
The original pharmacy foundered when Tesco opened a pharmacy operation locally. Trading reduced to such an extent that the business was nearly forced into a compulsory liquidation until national corporate rescue and recovery specialists Begbies Traynor secured agreement from creditors for an Administration. Ian Walker from Begbies Traynor’s Exeter office has been trading the business since May, when offers were sought from prospective purchasers.
After a great deal of interest, a buyer was found in August, and the deal finally came together in December, when Mr Kikic’s offer was accepted.
Willand Pharmacy is now trading successfully offering a patient focused service, and in fact business has been better than expected, according to Mr Kikic. “We have taken the business back to core pharmacy focused products and services, which we intend to build on. In addition to our free prescription order, collection and delivery service, we have partially converted a proportion of our retail space into a consultation room from which we intend to provide future services. We’ve already launched a Stop Smoking service, provide Medicine Use Reviews, the New Medicine Service and will be offering flu vaccinations from September. In the very near future we shall be launching diabetes, cholesterol and blood pressure screening as well as a weight management service. At the moment we will be offering these as private services, but we will be in close touch with our local NHS Health Centres over possible future developments.
The business is going well, and we’re really pleased with the level of support and acceptance we’re getting from our local community. We expected a dip in prescription volume when we started, but it simply hasn’t happened due to much appreciated local support.”
Ian Walker comments, “The sale means we can realise a dividend for creditors, while securing the continuation of an important service business for the Willand community. We wish Mr Kikic the best of luck with his exciting plans for the future.”
Ian joined Begbies in 2000 from Pannell Kerr Forster after practicing insolvency for the previous 20 years with Big Four firms. A member of R3 and a Fellow of the Institute of Chartered Accountants in England & Wales (from which he also takes his Insolvency Licence, he is currently a member of the ICAEW Investigation Committee. Over the years, Ian has dealt with all types of insolvency and at least three recessions. Currently, his practice based in Exeter and Plymouth covers the whole of Devon & Cornwall (including the Scilly Isles), together with as much of Somerset and Dorset as he can get away with! He deals with all types of personal and corporate insolvency and also concentrates on pre- and post-lending review work for all the major lending institutions.