Multiple operators made up the majority of pharmacy sales instructions in 2025, according to a report from pharmacy brokers Hutchings Consultants.
In its ‘England pharmacy market report 2025’, published on 25 November 2025, the pharmacy sales agency pointed out sales data showing that corporate and multiple operators made up 71% of all sales instructions in 2025 to date.
The agency described this as a “clear reversal of the 2024 landscape, when independent sellers held a comparable majority share”.
Independent pharmacy owners made up 19% of sales instructions in 2025, the report said, with “groups focused on divesting outlier branches” making up the remainder of the sales.
For sales, first-time buyers dominated demand, accounting for 76% of new registrations, followed by independent owners at 12%, investors at 8% and group owners, previous owners and multiples at 4%.
Expanding independent owners led completions at 44%, followed by first-time buyers at 29% and group owners at 27%.
“Hutchings has observed a modest downward trend in average pharmacy goodwill values achieved year to date compared with previous years,” the report said.
“This reflects a shift in market dynamics, as an increase in multiple and corporate disposal instructions has expanded the pool of available opportunities, in turn diluting buyer competition.
“Ongoing concerns surrounding business profitability and financial performance have also contributed to a cautious approach among buyers, echoing the sentiment and conditions seen in the sales market of the previous year.”
Pharmacy multiple Jhoots has sold off some of its branches this year, with Allied Pharmacies announcing it had acquired 60 Jhoots stores on 7 November 2025.
Gareth Jones, director of corporate affairs at the National Pharmacy Association, said that data showing “very large numbers of pharmacy owners are valuing or selling their businesses is clear evidence of the financial pressures in the market and the uncertainty regarding medicines supply”.
“These reports tell us little about the prices pharmacy businesses are fetching, nor their short- and medium-term financial stability,” he added.
“We hope that optimism about the growth in services is borne out in government policy and investment.”
A spokesperson for the Independent Pharmacies Association (IPA) commented: “We assume the sample size Hutchings are quoting relate to just them; therefore, a relatively small sample size.
“From what we have seen from IPA members, they can grow fairly quickly with multiple acquisitions in a short space of time.”