Funding for Pharmacists to buy a competitor
- Release wealth from your existing practice
- Cost-effective and tax efficient
- Flexible arrangements
- Use for any purpose
- From 2% above base rate
- Up to 25 years terms
- Interest-only or capital repayment
- Buy premises or existing business
- Unsecured lending from from 6%
- Up to 5 years to repay
- Secured lending from 2% above base rate
- Long repayment terms
Are you running a successful pharmacy? Acquiring a competitor could help take you to the next level
Your pharmacy practice is also a business - and the best direction for a successful business can often be expansion. If you are running a pharmacy and chemists shop, buying a competitor could help you take your business to the next level. Economies of scale can cut your costs, while additional retail premises could provide a big increase in sales and profits.
At Rangewell, we can help you find the funding you need if you are considering buying a competitor.
Using Goodwill Loans
A Goodwill Loan could use the wealth already built up in your practice to fund your acquisition, while leaving the funds in your business bank account untouched. A Goodwill Loan, also known as a Capital Withdrawal Loan or Cash Out, uses the goodwill built up in your practice as security. It can bring you a sum comparable to your annual turnover, with repayment terms of up to 15 years. Interest rates will be agreed when the loan is taken out and, although they will be variable, are likely to remain significantly more favourable than with other types of lending.
Remortgaging your existing property
Remortgaging your current premises could actually provide the level of funding you need to buy a competitor practice. Commercial Mortgages work much like a residential mortgage, and can provide the large-scale funding you need at competitive rates, and still let you spread repayments over up to 20 years. Many businesses use remortgaging as the most cost-effective way to raise the funds they need.
Commercial lending for pharmacy practices
There are traditionally two types of commercial loan - Secured and Unsecured - which could provide the funding you need.
Secured Loans must be supported by security, such as your home, that the lender would take and sell if you became unable to make the required repayments. This reduces the risk to lenders and, in turn, allows them to reduce the cost of lending to you, with rates that can be as low as 2% above base rate and with ten or more years to repay.
Unsecured Business Loans are a straightforward way of borrowing and operate much like a personal loan. The loan is repaid in monthly or quarterly instalments over an agreed term which is usually under 5 years. Decisions can be fast but you will need to provide a personal guarantee meaning that you will become personally liable for the debt if your business was unable to pay.
‘Jigsaw’ Finance for your pharmacy
Acquiring a competitor's practice may mean a range of funding is required. We can provide 'Jigsaw' Funding, which is a bespoke package made up of the most appropriate type of funding for each need. We have found that it can help people ready to make the most of their business access a higher level of funding than could be provided by a single finance option - and reduce the costs too.
REAL EXAMPLES OF WHAT WE CAN DO
Help arrange a 100% loan for a pharmacist as the basis of an acquisition plan
Find a lender to provide a Commercial Mortgage to acquire a business
Help arrange 'Jigsaw' Funding for every stage of a practice acquisition
Work with a pharmacist find the most effective source of funding
Finding the finance you need to buy a competitor
At Rangewell, we will work with you to understand your business plans and use our expertise to help find the funding that meets your needs. We can find the most competitive rates for all types of finance, including Professional Loans, Unsecured and Secured Loans, Invoice Finance, Asset Finance, Merchant Cash Advance, Commercial Mortgages, Growth Finance and more.
To find out more about setting up the finance you need to buy a competitor simply call us. Our experts are ready to help.
Helping you build your profits
Funding tailored to your pharmacy's needsFunding can be drawn together from several different sources and tailored to your needs.
Funding that recognises your status as a pharmacy professionalAs a professional practice owner, you may be able to benefit from preferential rates for borrowing.
No need for extra security with Goodwill LoansGoodwill Loans are secured on the future performance of your practice - which means there is no need to put your assets or possessions at risk.
Covering all the costs with 'Jigsaw' FundingWe can help you arrange bespoke funding for your pharmacy business which is tailored around your individual needs.
Early repayment optionsSome loan providers will accept early repayment on funding, which could reduce the total cost of your borrowing.
Cutting borrowing costs for your pharmacyAt 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.