Change of Ownership in Pharmacy Sales: What You Need to Know

If you’re a pharmacy seller looking to transition the ownership of your business, understanding the legal and procedural steps involved is crucial for a smooth sale process. This guide provides detailed insights into going through these effectively.

Managing the change of ownership when selling your pharmacy involves more than just striking a deal with the buyer. It requires a thorough understanding of legal procedures and compliance with regulatory standards to ensure a smooth transition. Free legal advice doesn’t exist, but we can guide you through the process and give you the power of foresight!

 

Understanding the Change of Ownership Process

When selling a pharmacy, the change of ownership involves several crucial steps that are regulated by various authorities, including the General Pharmaceutical Council (GPhC). Here’s what to expect for a Share Sale or an Asset Sale:

 

1. NHS and GPhC Notifications: As part of the change of ownership, you must notify the NHS and the GPhC. These notifications are vital for continuing the pharmacy’s operations under new ownership without any disruptions.
2. Fitness to Practice and Superintendent Notification: The new owner must ensure that the superintendent pharmacist is qualified and registered, aligning with the GPhC’s standards for fitness to practice.
3. Application Processing Time: The change of ownership application typically takes between 3 to 5 months to process. This period allows for thorough review and approval to ensure compliance with all regulatory requirements.
4. Post-Completion Notifications: After the sale is completed, it’s essential to inform the GPhC within a specific timeframe, usually 28 days, to finalize the ownership change. You’ll also need to notify Companies House.
5. Continuity and Compliance: Throughout this process, the aim is to maintain the pharmacy’s compliance with legal and health standards, ensuring a seamless transition for customers and employees.

 

Challenges Along the Way

The change of ownership process can be fraught with challenges, primarily due to the detailed regulatory scrutiny involved. Delays in approval or incomplete documentation can disrupt the pharmacy’s operations, affecting both sales and service. Moreover, ensuring that all employees are adequately informed and transferred in compliance with employment laws (like TUPE regulations) adds another layer of complexity.

 

We’re Here to Help: Watch Our Webinar!

To help you through these waters smoothly, we have a webinar tailored specifically for pharmacy sellers. This webinar will cover everything you need to know about the change of ownership process, providing you with expert advice and practical tips to manage this transition effectively.

Webinar Details:

• Topic: Legal 101 For Pharmacy Sellers: Exit & Retirement Strategy Planning

Sign Up to Watch: https://bit.ly/3WEe3PL

 

Our in house healthcare expert, Nathan Atkinson, alongside the specialist team from Carter Bond Solicitors, will walk you through the legal intricacies of selling your pharmacy, focusing on how to handle the change of ownership. Whether you are new to this or have been through the process before, this webinar will offer invaluable insights to ensure you are fully prepared for what lies ahead.