Seller instructions by pharmacy owners rose by 91% in 2025 compared to the previous year, according to brokers Hutchings’ England pharmacy market report published this week (November 25). 

Hutchings 2025 sales data show corporates and multiples account for 71.3% of seller instructions, which it says is a “clear reversal” from 2024 as there has been a surge in divesting assets rather than expanding. 

Last year, independent sellers had a “comparable majority share” to what corporates and multiples have in 2025, but now they represent 19.2% of seller instructions. 

Read more: Selling a pharmacy in 2025: What your pharmacy is worth and who’s buying?

The report shows buyer demand “remains strong” and first-time buyers account for “76% of all new registrations”, with all registrations “broadly consistent” compared to 2024. 

London, the south east, the Midlands and the north west have experienced “notable levels of market movement” and it added that buyers have placed “increasing importance on the potential for future growth through NHS and private service delivery”. 

Turnover increase  

Hutchings said a rise in corporate and multiple sales in 2025 has “diluted buyer interest in independent disposals”, but it has led to an increase in average turnover of completed sales. 

The average has increased from £902,173 to £1,174,663 in 2025, and the earnings before interest, taxes, depreciation and amortization (EBITDA) multiple rose form 8.54x last year to 9.54x in 2025. 

Those buying have been “driven by the perceived stronger financial viability of higher-turnover businesses” and this has increased competition between themselves. 

Read more: Pharmacy chain selling over half its estate for £3.2m

Expanding independent owners account for 43.9% of completions followed by first-time buyers at 29.2% and group owners at 26.8%. 

But Hutchings has seen a downward trend in average pharmacy goodwill sale prices, falling from a £0.88 average per £1 of turnover in 2023 to £0.80 in 2024, and now £0.76 in 2025. 

The decrease in average pharmacy goodwill values reflect the rise in corporate and multiple seller instructions. 

“Green light” sector 

The average number of offers per sale remains at 4, a decrease from 5.1 in 2023. 

And the average gross profit margins have fallen to 31.5% down from 34.4% in 2023. 

Hutchings said concerns on business profitability and financial performance has led to a “cautious approach among buyers” which reflects a similarity to the 2024 market. 

Read more: Rowlands becomes ‘largest OPD provider’ with 51 hospital branches

But this has been alleviated by the reduction of the Bank of England base rate to 4% which has “improved borrowing conditions” and “eased affordability concerns” for buyers.  

FTA Finance director David Brewer said lending banks “continue to view pharmacy as a ‘green light’ sector” and competition between lenders has “intensified”. 

Read more: ‘Strong market’: Eight in 10 plan to buy and/or sell pharmacy by 2028

“In many cases, buyers now only need to contribute 20% towards goodwill, with banks’ lending up to 80%. Where the pharmacy premises are freehold, 100% finance is often achievable on that element.” 

He added the outlook for first-time buyers is “particularly encouraging” as loan margins have fallen to “between 1.49% and 2.25%” which has improved buying affordability. 

Future outlook 

Hutchings said the outlook for 2026 is one of “cautious stability” as overall market confidence has improved in 2025. 

It expects average goodwill values and buyer activity to remain steady, and corporates and multiples will continue “streamlining and realigning portfolios”. 

It added that independents and medium-sized operators will “expand selectively” by “capitalising on opportunities created by the ongoing shift toward service-led care models”. 

Read more: Knights boosts pharmacy footprint by 50% with Avicenna acquisitions

It comes as Sykes Chemist Group put up five of its nine pharmacies in the north west of England on the market for £3.2m.  

In October, Christie & Co’s annual market review found that over 80% of pharmacy professionals plan to buy or sell a pharmacy, or both, in the next three years.