Last year was a strong year for pharmacy transactions according to a report published by business property advisor Christie & Co.
It has today launched its Business Outlook 2026 report, which reflects on the themes, activity and challenges of 2025 and forecasts what 2026 might bring across the sectors in which Christie & Co operates, including in the pharmacy sector.
Christie & Co stated it advised on, valued, or sold a record-breaking 1,155 pharmacies worth a combined £869 million.
The market saw a clear shift towards higher-value pharmacy sales, while the number of low-value corporate disposals declined following the large numbers seen 2023 and 2024. Buyer interest remained robust, driving a 4.1% increase in the average sale price of pharmacies handled by Christie & Co, reversing the 6.3% drop recorded the previous year. The government funding announcement in March 2025 provided a boost to pharmacy operations, helping to stabilise goodwill values across the sector.
Despite this, ongoing financial pressures led to a rise in bank-driven and administrator-led sales, creating new opportunities for buyers who were keen to turn around struggling businesses. This trend also opened the market to more first-time buyers, which accounted for 31% of Christie & Co’s pharmacy sales last year. In contrast, large groups and corporate operators (with 50 or more pharmacies) purchased just 6% of the pharmacies sold.
In terms of deal structure, 52% of Christie & Co’s pharmacy transactions in 2025 were asset sales, while 48% were share sales. Although the proportion of asset sales has fallen, it remains higher than historic levels, largely due to the continued divestment of corporate portfolios.
Market sentiment
As part of its annual sentiment survey, Christie & Co asked pharmacy professionals across the country for their views on the year ahead.
When questioned about their sentiment in 2025, 33 per cent said they feel positive, while the majority (44%) feel negative, which can be attributed to the uncertainty around funding in the sector. When asked about their sale and acquisition plans, 82% stated that they are looking to buy and/or sell this year.
Predictions for 2026
In the pharmacy market in 2026, Christie & Co expects:
• Cost pressures will remain a key issue in pharmacy despite the recent increase in funding.
• A continued rationalisation of non-performing corporate assets.
• An increase in demand for private services within pharmacy.
• Opportunities will remain for agile and forward-thinking operators.
• There will be a number of bank-driven or administrator-led sales.
Jonathan Board, head of pharmacy at Christie & Co, comments, “As cost pressures persist and corporate portfolios continue to rationalise, 2026 is set to reward agile operators who can adapt quickly and capitalise on new opportunities. With sustained buyer appetite, the year ahead is likely to witness good levels of strategic acquisitions, coupled with innovation and agility from operators, which could drive growth and reshape the landscape, making 2026 a year of progress and renewed confidence for pharmacy businesses.”
Read the full report here.