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  31. <title>SOLD &#8211; Seth&#8217;s Healthcare Limited, Liverpool</title>
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  36. <pubDate>Mon, 19 Feb 2024 14:54:17 +0000</pubDate>
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  51. <title>SOLD &#8211; Lansbury Chemist, Caerphilly</title>
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  56. <pubDate>Mon, 12 Feb 2024 10:44:12 +0000</pubDate>
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  71. <title>SOLD &#8211; Berkeley Pharmacy, Gloucestershire</title>
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  76. <pubDate>Fri, 09 Feb 2024 15:47:05 +0000</pubDate>
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  96. <pubDate>Tue, 06 Feb 2024 09:58:45 +0000</pubDate>
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  111. <title>SOLD- Stelling Road Chemist, Bexley</title>
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  116. <pubDate>Tue, 23 Jan 2024 17:19:10 +0000</pubDate>
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  131. <title>Hutchings 2024 UK Pharmacy Market Update</title>
  132. <link>https://hutchings-pharmacy-sales.com/market/hutchings-2024-uk-pharmacy-market-update/</link>
  133. <comments>https://hutchings-pharmacy-sales.com/market/hutchings-2024-uk-pharmacy-market-update/#respond</comments>
  135. <dc:creator><![CDATA[Paul Steet]]></dc:creator>
  136. <pubDate>Thu, 18 Jan 2024 13:00:00 +0000</pubDate>
  137. <category><![CDATA[Market Updates]]></category>
  138. <guid isPermaLink="false">https://hutchings-pharmacy-sales.com/?p=28894</guid>
  139.  
  140. <description><![CDATA[<p>Hutchings Consultants 2024 UK Pharmacy Market Update Welcome to the Hutchings Consultants 2024 UK Market Update Report. While the turbulent geopolitical situation has continued in 2023, the troubling instability seen within the UK government of the previous year subsided, allowing focus to return to more pressing matters once more. Funding challenges and other pressures within [&#8230;]</p>
  141. <p>The post <a rel="nofollow" href="https://hutchings-pharmacy-sales.com/market/hutchings-2024-uk-pharmacy-market-update/">Hutchings 2024 UK Pharmacy Market Update</a> appeared first on <a rel="nofollow" href="https://hutchings-pharmacy-sales.com">Hutchings Pharmacy Sales &amp; Valuations</a>.</p>
  142. ]]></description>
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  157. <div class="elementor-element elementor-element-5072b215 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading" data-id="5072b215" data-element_type="widget" data-widget_type="theme-post-title.default">
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  186. <h2 class="elementor-heading-title elementor-size-default">Hutchings Consultants 2024 UK Pharmacy Market Update</h2> </div>
  187. </div>
  188. <section class="elementor-section elementor-inner-section elementor-element elementor-element-1b6300b1 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="1b6300b1" data-element_type="section">
  189. <div class="elementor-container elementor-column-gap-default">
  190. <div class="elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-33ab006d" data-id="33ab006d" data-element_type="column">
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  193. <div class="elementor-widget-container">
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  195. <div class="elementor-spacer-inner"></div>
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  197. </div>
  198. </div>
  199. <div class="elementor-element elementor-element-26b887c5 elementor-widget elementor-widget-text-editor" data-id="26b887c5" data-element_type="widget" data-widget_type="text-editor.default">
  200. <div class="elementor-widget-container">
  201. <style>/*! elementor - v3.16.0 - 13-09-2023 */
  202. .elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}</style> <p>Welcome to the Hutchings Consultants 2024 UK Market Update Report. While the turbulent geopolitical situation has continued in 2023, the troubling instability seen within the UK government of the previous year subsided, allowing focus to return to more pressing matters once more. Funding challenges and other pressures within the pharmacy sector continued to raise concerns, compounded in the first half of the year by the effects of inflation and interest rate increases as the Bank of England sought to slow the rising tide of living costs.</p> </div>
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  205. <div class="elementor-widget-container">
  206. <p style="text-align: right;"><em>Author; Paul Steet</em><br /><em>Associate Director, Hutchings Consultants</em></p> </div>
  207. </div>
  208. </div>
  209. </div>
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  234. <p>The UK pharmacy sales market in 2023 had an unprecedented initial six months owing to the decision taken by parent company Hallo Healthcare Group to divest their portfolio of over 1,054 Lloyds Pharmacies. The divestment resulted in a rapid increase in the number of business opportunities on the market over a brief period and created a fever-pitch level of demand from potential buyers both within the market and outside. The sheer scale of these disposals swamped the UK pharmacy market, and in Scotland alone, resulted in a massive 533% increase in completed deals at Hutchings Consultants. Many independent sellers felt the impact of Lloyd’s disposals as the gaze of potential buyers was averted to the divestment for a period, although this gradually changed as we progressed through 2023 with many buyers’ deciding to avoid problematic corporate disposals and focus instead upon acquisitions of well-established, solid-performing independent pharmacies. The huge increase in the volume of sale transactions also placed significant pressure on the key parties involved in pharmacy deals, including lenders, finance brokers, solicitors, and valuers. The various NHS teams around the country responsible for processing Fitness to Practice and Change of Ownership applications experienced a significant escalation in workload, and delays of several months were endured by frustrated buyers anxious to complete their acquisitions.</p><p><br />Other multiples such as Boots and Well also opted to divest some branches, although on a significantly smaller scale than Lloyds, with the former also announcing the closure of 300 branches around the UK as part of a review into the performance of the business. With Lloyds’ disposals now complete, the high volume of sales in the market appears to have begun to return to more manageable levels again and it’s hoped that transaction timescales can start to return to those seen previously albeit maybe temporarily.</p> </div>
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  238. <h3 class="elementor-heading-title elementor-size-default">Buyer Activity</h3> </div>
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  241. <div class="elementor-widget-container">
  242. <figure class="wp-caption">
  243. <img decoding="async" width="1000" height="679" src="https://hutchings-pharmacy-sales.com/wp-content/uploads/2024/01/buyer-comp-pie.jpg" class="attachment-full size-full wp-image-28897" alt="Two pie charts comparing the percentage of buyer types from 2022 to 2023" srcset="https://hutchings-pharmacy-sales.com/wp-content/uploads/2024/01/buyer-comp-pie.jpg 1000w, https://hutchings-pharmacy-sales.com/wp-content/uploads/2024/01/buyer-comp-pie-300x204.jpg 300w, https://hutchings-pharmacy-sales.com/wp-content/uploads/2024/01/buyer-comp-pie-768x521.jpg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /> <figcaption class="widget-image-caption wp-caption-text"></figcaption>
  244. </figure>
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  247. <div class="elementor-element elementor-element-50ceef09 elementor-widget elementor-widget-text-editor" data-id="50ceef09" data-element_type="widget" data-widget_type="text-editor.default">
  248. <div class="elementor-widget-container">
  249. <p>Large-scale corporate disposals around the UK in 2023 triggered a huge wave of enquiries and registrations from both new and existing buyers for pharmacy. Many experienced owners were keen to add to existing portfolios, while first-time buyers took advantage of the unparalleled market conditions to acquire their first pharmacy business. New buyer registrations rocketed by over 200% in the first quarter of 2023 but settled as we progressed through the year, resulting in a 91% increase compared to the previous year. First-time buyers accounted for 77% of the new registrations, with existing owners in second place at 15%. The remainder of the registrations were shared between investors, previous owners, and group owners.</p><p><br />Analysis of the numerous sales completed by Hutchings Consultants across England, Scotland, and Wales indicates that existing pharmacy owners with single branches completed most corporate acquisitions overall. Many of these purchases were strategic in nature, allowing contractors to remove competition and consolidate existing trading locations moving forward. In contrast, first-time buyers acquired a significant majority of the independent sales, followed by group owners and existing owners operating single branches.</p> </div>
  250. </div>
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  259. <div class="elementor-widget-container">
  260. <h3 class="elementor-heading-title elementor-size-default">Average Pence in Pound</h3> </div>
  261. </div>
  262. <div class="elementor-element elementor-element-4d05889d dce_masking-none elementor-widget elementor-widget-image" data-id="4d05889d" data-element_type="widget" data-widget_type="image.default">
  263. <div class="elementor-widget-container">
  264. <img decoding="async" width="1416" height="689" src="https://hutchings-pharmacy-sales.com/wp-content/uploads/2024/01/ave-p-in-pound.jpg" class="attachment-full size-full wp-image-28898" alt="Three bar charts comparing the average pence in pound figures achieved in England Wales and Scotland" srcset="https://hutchings-pharmacy-sales.com/wp-content/uploads/2024/01/ave-p-in-pound.jpg 1416w, https://hutchings-pharmacy-sales.com/wp-content/uploads/2024/01/ave-p-in-pound-300x146.jpg 300w, https://hutchings-pharmacy-sales.com/wp-content/uploads/2024/01/ave-p-in-pound-1024x498.jpg 1024w, https://hutchings-pharmacy-sales.com/wp-content/uploads/2024/01/ave-p-in-pound-768x374.jpg 768w" sizes="(max-width: 1416px) 100vw, 1416px" /> </div>
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  274. <div class="elementor-widget-container">
  275. <p>The contrasting oversupply of pharmacies for sale in 2023 contributed to a downward pressure on the average goodwill values achieved. However, buyers in the market were able to distinguish between the differing opportunities tendered by well-established independent pharmacies and the more risky and potentially problematic offerings from the corporates. This resulted in a significant variance between the average prices achieved for the two, with independents realising higher goodwill values than corporates across all three nations. Scottish prices continued to outperform those achieved in England and Wales; however, it must be noted that many of the sales that contributed to the completed sale data for independents were agreed upon towards the end of 2022. Analysis of the current sale agreed pipeline (which excludes corporate sales) indicates that average prices in England and Wales are hovering around £0.80p overall, with Scotland continuing to substantially outperform the other nations.</p> </div>
  276. </div>
  277. <div class="elementor-element elementor-element-70ec43db elementor-widget elementor-widget-heading" data-id="70ec43db" data-element_type="widget" data-widget_type="heading.default">
  278. <div class="elementor-widget-container">
  279. <h3 class="elementor-heading-title elementor-size-default">Average Gross Profit Margins</h3> </div>
  280. </div>
  281. <div class="elementor-element elementor-element-248ffe9d elementor-widget elementor-widget-text-editor" data-id="248ffe9d" data-element_type="widget" data-widget_type="text-editor.default">
  282. <div class="elementor-widget-container">
  283. <p>Gross profit margins have historically varied depending on many factors such as location buying power, strategy, business make-up, etc., but it became evident as we progressed through the second half of 2023 that despite many pharmacies reporting an increase in dispensing activity and turnover, the profits and subsequent goodwill values were being squeezed as both drug reimbursement pressures and drug supply chain issues continued to bite.</p><p>The average UK gross profit margin in 2022 was 33.5%; however, over the course of last year, it became increasingly apparent in management accounts received that margins were under significant pressure, with reductions of between 2% &amp; 4% seen in many cases. Under such pressures, contractors have become progressively more dependent on the implementation of services within their businesses to support profits in the face of rapidly rising costs and to offset shortfalls in income from the dispensing activity. Whilst overheads also need scrutiny, Hutchings Consultants strongly recommend owners to maintain a sharp focus on their drug buying and profit margin through 2024 as this is such a key factor for pharmacy goodwill values.</p> </div>
  284. </div>
  285. <div class="elementor-element elementor-element-32f96d50 elementor-widget elementor-widget-heading" data-id="32f96d50" data-element_type="widget" data-widget_type="heading.default">
  286. <div class="elementor-widget-container">
  287. <h3 class="elementor-heading-title elementor-size-default">Bank Funding</h3> </div>
  288. </div>
  289. <div class="elementor-element elementor-element-3797c8a1 elementor-widget elementor-widget-text-editor" data-id="3797c8a1" data-element_type="widget" data-widget_type="text-editor.default">
  290. <div class="elementor-widget-container">
  291. <p>Around 98% of the sales Hutchings Consultants transacted last year involved the buyer obtaining a bank loan. As part of the Bank of England’s efforts to reverse the rapid increase in the Consumer Prices Index, the BOE base rate of interest rose five times in 2023 to reach the current level of 5.25% in August. This led to higher loan repayment costs and saw many buyers adopting a more cautious approach when submitting offers. Going into 2024, interest rates are expected to fall sharply with significant pressure mounting on the BOE to cut rates sooner rather than later to support the economy and its growth. A move in this direction will help pharmacy buyers with affordability and will no doubt help to support goodwill prices. Throughout 2023, the banks remained highly supportive of the pharmacy sector and this sentiment is expected to continue through 2024 as England prepares for the rollout of Pharmacy First.</p> </div>
  292. </div>
  293. <div class="elementor-element elementor-element-1294f1f6 elementor-widget-divider--view-line elementor-widget elementor-widget-divider" data-id="1294f1f6" data-element_type="widget" data-widget_type="divider.default">
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  303. <div class="elementor-widget-container">
  304. <h2 class="elementor-heading-title elementor-size-xl">Market Predictions For The Next 12 Months</h2> </div>
  305. </div>
  306. <div class="elementor-element elementor-element-50a937ef elementor-widget elementor-widget-text-editor" data-id="50a937ef" data-element_type="widget" data-widget_type="text-editor.default">
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  308. <p>In light of Community Pharmacy England’s recent estimate that the current Cat M clawback is likely to reduce the average item payment by 14p, the Pharmacy First Scheme launch in England offers a much-needed financial boost to the sector, injecting a proposed £645 million over the next two years. Whilst more funding and additional, appropriately funded services will be required going forwards, this is a positive development indeed. In Wales, the recent announcement of a 5% funding increase for 2023/24 to community pharmacies worth £6.3 million is another welcome declaration of support. These developments are already bringing a renewed degree of confidence from buyers as we move into 2024.</p><p>It is hoped that we may start to see some reduction in interest rates by the Bank of England on the back of lower CPI inflation figures, which could help relieve some of the financial pressure felt by existing operators and should assist buyers with affordability.</p><p>The anticipated reduction to interest rates in coming months will bring welcome relief to a sector which due to its unique funding arrangements with the Government, has been left particularly exposed to the high levels of inflation and rising business costs. With this in mind, the most notable opportunity for the sector to capitalise upon in 2024 will be the Community Pharmacy Contractual Framework negotiations; a belated opportunity for the sector to secure a vital uplift to the contract’s fixed global sum.</p><p>We anticipate during 2024 that both independent group operators and corporate owners will continue to reassess their existing portfolios making strategic disposals of varying sizes. This is likely to result in transaction volumes remaining high for the foreseeable future.</p><p>It also appears likely a general election could take place in the autumn, and this may result in some favourable outcomes for the pharmacy sector. Overall, we anticipate pharmacy goodwill prices remaining consistent as we progress through 2024 and until either the supply of pharmacies on the market falls further or a more significant uplift in community pharmacy funding is secured.</p> </div>
  309. </div>
  310. </div>
  311. </div>
  312. </div>
  313. </section>
  314. </div>
  315. <p>The post <a rel="nofollow" href="https://hutchings-pharmacy-sales.com/market/hutchings-2024-uk-pharmacy-market-update/">Hutchings 2024 UK Pharmacy Market Update</a> appeared first on <a rel="nofollow" href="https://hutchings-pharmacy-sales.com">Hutchings Pharmacy Sales &amp; Valuations</a>.</p>
  316. ]]></content:encoded>
  318. <wfw:commentRss>https://hutchings-pharmacy-sales.com/market/hutchings-2024-uk-pharmacy-market-update/feed/</wfw:commentRss>
  319. <slash:comments>0</slash:comments>
  322. </item>
  323. <item>
  324. <title>SOLD &#8211; Derby Street Pharmacy, Bolton</title>
  325. <link>https://hutchings-pharmacy-sales.com/case-studies/sold-derby-street-pharmacy-bolton/</link>
  326. <comments>https://hutchings-pharmacy-sales.com/case-studies/sold-derby-street-pharmacy-bolton/#respond</comments>
  328. <dc:creator><![CDATA[Jodie Buxton]]></dc:creator>
  329. <pubDate>Tue, 12 Dec 2023 11:04:07 +0000</pubDate>
  330. <category><![CDATA[Successful Pharmacy Sales]]></category>
  331. <guid isPermaLink="false">https://hutchings-pharmacy-sales.com/?p=28882</guid>
  332.  
  333. <description><![CDATA[<p>The post <a rel="nofollow" href="https://hutchings-pharmacy-sales.com/case-studies/sold-derby-street-pharmacy-bolton/">SOLD &#8211; Derby Street Pharmacy, Bolton</a> appeared first on <a rel="nofollow" href="https://hutchings-pharmacy-sales.com">Hutchings Pharmacy Sales &amp; Valuations</a>.</p>
  334. ]]></description>
  335. <content:encoded><![CDATA[<p>The post <a rel="nofollow" href="https://hutchings-pharmacy-sales.com/case-studies/sold-derby-street-pharmacy-bolton/">SOLD &#8211; Derby Street Pharmacy, Bolton</a> appeared first on <a rel="nofollow" href="https://hutchings-pharmacy-sales.com">Hutchings Pharmacy Sales &amp; Valuations</a>.</p>
  336. ]]></content:encoded>
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  339. <slash:comments>0</slash:comments>
  342. </item>
  343. <item>
  344. <title>SOLD &#8211; Valence Pharmacy, Dagenham</title>
  345. <link>https://hutchings-pharmacy-sales.com/case-studies/sold-valence-pharmacy-dagenham/</link>
  346. <comments>https://hutchings-pharmacy-sales.com/case-studies/sold-valence-pharmacy-dagenham/#respond</comments>
  348. <dc:creator><![CDATA[Jodie Buxton]]></dc:creator>
  349. <pubDate>Tue, 12 Dec 2023 10:06:58 +0000</pubDate>
  350. <category><![CDATA[Successful Pharmacy Sales]]></category>
  351. <guid isPermaLink="false">https://hutchings-pharmacy-sales.com/?p=28879</guid>
  352.  
  353. <description><![CDATA[<p>The post <a rel="nofollow" href="https://hutchings-pharmacy-sales.com/case-studies/sold-valence-pharmacy-dagenham/">SOLD &#8211; Valence Pharmacy, Dagenham</a> appeared first on <a rel="nofollow" href="https://hutchings-pharmacy-sales.com">Hutchings Pharmacy Sales &amp; Valuations</a>.</p>
  354. ]]></description>
  355. <content:encoded><![CDATA[<p>The post <a rel="nofollow" href="https://hutchings-pharmacy-sales.com/case-studies/sold-valence-pharmacy-dagenham/">SOLD &#8211; Valence Pharmacy, Dagenham</a> appeared first on <a rel="nofollow" href="https://hutchings-pharmacy-sales.com">Hutchings Pharmacy Sales &amp; Valuations</a>.</p>
  356. ]]></content:encoded>
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  359. <slash:comments>0</slash:comments>
  362. </item>
  363. <item>
  364. <title>SOLD &#8211; Morrab Pharmacy, Cornwall</title>
  365. <link>https://hutchings-pharmacy-sales.com/case-studies/morrab-pharmacy-cornwall-sold/</link>
  366. <comments>https://hutchings-pharmacy-sales.com/case-studies/morrab-pharmacy-cornwall-sold/#respond</comments>
  368. <dc:creator><![CDATA[Jodie Buxton]]></dc:creator>
  369. <pubDate>Wed, 15 Nov 2023 11:08:44 +0000</pubDate>
  370. <category><![CDATA[Successful Pharmacy Sales]]></category>
  371. <guid isPermaLink="false">https://hutchings-pharmacy-sales.com/?p=28868</guid>
  372.  
  373. <description><![CDATA[<p>The post <a rel="nofollow" href="https://hutchings-pharmacy-sales.com/case-studies/morrab-pharmacy-cornwall-sold/">SOLD &#8211; Morrab Pharmacy, Cornwall</a> appeared first on <a rel="nofollow" href="https://hutchings-pharmacy-sales.com">Hutchings Pharmacy Sales &amp; Valuations</a>.</p>
  374. ]]></description>
  375. <content:encoded><![CDATA[<p>The post <a rel="nofollow" href="https://hutchings-pharmacy-sales.com/case-studies/morrab-pharmacy-cornwall-sold/">SOLD &#8211; Morrab Pharmacy, Cornwall</a> appeared first on <a rel="nofollow" href="https://hutchings-pharmacy-sales.com">Hutchings Pharmacy Sales &amp; Valuations</a>.</p>
  376. ]]></content:encoded>
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  379. <slash:comments>0</slash:comments>
  382. </item>
  383. <item>
  384. <title>SOLD &#8211; Loggerheads Pharmacy, Staffordshire / Shropshire borders</title>
  385. <link>https://hutchings-pharmacy-sales.com/case-studies/sold-loggerheads-pharmacy-staffordshire-shropshire-borders/</link>
  386. <comments>https://hutchings-pharmacy-sales.com/case-studies/sold-loggerheads-pharmacy-staffordshire-shropshire-borders/#respond</comments>
  388. <dc:creator><![CDATA[Jodie Buxton]]></dc:creator>
  389. <pubDate>Mon, 04 Sep 2023 16:08:55 +0000</pubDate>
  390. <category><![CDATA[Successful Pharmacy Sales]]></category>
  391. <guid isPermaLink="false">https://hutchings-pharmacy-sales.com/?p=28769</guid>
  392.  
  393. <description><![CDATA[<p>The post <a rel="nofollow" href="https://hutchings-pharmacy-sales.com/case-studies/sold-loggerheads-pharmacy-staffordshire-shropshire-borders/">SOLD &#8211; Loggerheads Pharmacy, Staffordshire / Shropshire borders</a> appeared first on <a rel="nofollow" href="https://hutchings-pharmacy-sales.com">Hutchings Pharmacy Sales &amp; Valuations</a>.</p>
  394. ]]></description>
  395. <content:encoded><![CDATA[<p>The post <a rel="nofollow" href="https://hutchings-pharmacy-sales.com/case-studies/sold-loggerheads-pharmacy-staffordshire-shropshire-borders/">SOLD &#8211; Loggerheads Pharmacy, Staffordshire / Shropshire borders</a> appeared first on <a rel="nofollow" href="https://hutchings-pharmacy-sales.com">Hutchings Pharmacy Sales &amp; Valuations</a>.</p>
  396. ]]></content:encoded>
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