Buying a second site for your Pharmacy
Helping you scale your pharnacy business
- From 2% above base rate
- Up to 25 years terms
- Interest-only or capital repayment
- Buy premises or existing business
- Provide equipment for your new branch
- Hire Purchase from 6%
- Lease with no upfront costs
- Cover all types of assets
- Bespoke finance package
- Reduced monthly outgoings
- Solutions for all costs
- Individual solutions
Talk to Rangewell – the business finance expertsBuying new premises and opening a branch could help you grow your business - but it can demand large-scale investment. At Rangewell, we can use our contacts across the entire UK lending industry to provide the scale of funding you need.
There’s a limit to how much business you can do from a single shop - however good the location. By opening a branch you could increase your turnover and enjoy economies of scale - and, at Rangewell, we can help you find the funds you need to grow.
Your chemist shop and pharmacy can quickly reach capacity. You can find that there is a limit to the amount of passing trade you can bring in and, in a sector that is well served, customers will often simply go to their nearest chemists shop, whether they have a prescription or retail need.
However, opening a second branch might help you grow your business.
By acquiring new premises, or an existing competitor, your existing business can you serve a wider area and bring in new customers, while enjoying some major cost savings through increased scale.
Could you open a second chemist shop?
If you already run a pharmacy and chemist shop, you could open a branch as a retail chemist, or bring in a pharmacist to operate a full service. However, there will be some significant costs. Finding new premises in a good location with passing trade, transport links and sufficient space could be costly. What’s more, the costs don’t stop with your premises. You may need to refurbish and set it up with new equipment. You will also need to find staff, including a junior pharmacist.
At Rangewell, we can help. We work with pharmacists across the country. We can help you use your status as a professional with an established practice to get up to 100% funding when you want to expand your business.
We have a number of solutions to offer.
Buying premises - or an existing pharmacy business
Commercial Mortgages can be used to help you buy premises and work much like a residential mortgage, with the loan secured on the property itself. Plus, repayments can be spread over 20 or more years.
But they can also let you buy an existing business as a going concern. By securing lending on the premises, it may be possible to use a Commercial Mortgage as a cost-effective solution - giving you a ready-made branch business.
Equipping your new chemist shop
Asset Finance can provide the equipment you need from scales and a drug safe to shop displays, and means you can spread the cost. Asset Finance covers a range of funding solutions, including Hire Purchase and leasing arrangements. Both new and used equipment can be funded with Asset Finance solutions.
At Rangewell, we can help you find the most cost-effective borrowing solutions on the market.
An Unsecured business loan could be a simple way to deal with incidental costs of setting up a second branch for your business.
They are suitable for smaller sums, up to £250,000, but often far less. The loan is repaid in monthly or quarterly instalments over an agreed term under 5 years.
An Unsecured Loan may be a suitable way to provide working finance - the cash you need to deal with costs from business rates to wages - until your new pharmacy becomes profitable.
Secured Loans can provide a high level of funding, with rates that can be as low as 2% above base rate, and ten or more years to repay. They are secured because they are supported by security, such as your existing premises or your home, that the lender can take and sell if you became unable to make repayments. This reduces the risk to lenders and allows them to reduce the cost to you.
A Secured Loan could help you buy the business, or the premises it is based in.
REAL EXAMPLES OF WHAT WE CAN DO
Help arrange a 100% funding for a pharmacist buying an existing business
Find a lender to provide a Commercial Mortgage to acquire premises
Help arrange Asset Finance to equip a consulting room
Help arrange Jigsaw Funding for every stage of an pharmacist’s expansion programme
Find the most effective source of funding to allow a pharmacist to take on a junior
Setting up the finance you need to grow your pharmacy business
As a professional pharmacist with your own practice, you may be in a very good position to raise the finance you need when you are ready to consider expansion. Your status may make it possible to get 100% finance for your plans.
Many lenders will be happy to work with you - but finding the best deals for your needs demands expert help. Find out more about setting up the finance you need to grow your practice and open a second branch simply call us. Our experts are ready to help.
Helping you build your profits
Funding tailored to your needsFunding can be drawn together from several sources and tailored to your needs.
Funding that recognises your statusAs a professional practice owner, you may be able to enjoy preferential rates for borrowing.
No need for extra security with Goodwill LoansGoodwill Loans are secured on the future performance of your pharmacy business which means there is no need to put your assets or possessions at risk.
Ensuring you have the equipment you needAsset Finance can help you ensure you can equip your new practice to the standards you want, and spread the cost.
Early repayment optionsSome loan providers will accept early repayments, reducing the total cost of your borrowing.
Cutting borrowing costsAt Rangewell we search the entire UK lending market to find the most appropriate solutions for your funding needs, helping you reduce the costs of your expansion plans.
Download Rangewell’s free and detailed guide to Finance for Pharmacists
What types of finance are there - which do you need?
Why not all providers are equal - finding the one that’s right for you
How we can provide an additional income stream
The downsides to finance - and how to avoid them
Do I need to use a lender who is authorised and regulated by the financial conduct authority?
What different finance packages are available for cash flow, a pharmacy purchase or partner buy-in/out?
How to arrange finance - what paperwork do you need?
Do lenders look at pharmacies' finances when making a lending decision?
Key terms explained
Find out your finance options for all your needs
Getting the right funding arrangement is essentialThere are many forms of business finance available. Getting the most appropriate type for the business needs of your pharmacy is essential to avoid excessive costs
Your key equipment could be at riskIf you are unable to keep up repayments on a hire purchase or lease agreement, the equipment your practice depends on could be could be at risk.
Long-term financial commitmentsYou may not be able to pull out of a finance arrangement once set up.
Our service is...
ImpartialTransparent and independent, treating all lenders equally, finding the best deals.
In-depthEvery type of finance for every type of business from the entire market - over 300 lenders.
In-personSpecialist Finance Experts support you every step of the way.
FreeWe make no charge of any kind when we help you find the loan you need.