The insolvency team at bk plus has secured the sale of Spa Pharmacy in Cheltenham, Gloucestershire, safeguarding the future of a 150-year-old community pharmacy and protecting the jobs of all its employees.

Spa Pharmacy occupies a neo-Georgian terrace property on Rotunda Terrace, on the edge of one of Cheltenham’s most desirable residential areas. The business fell into financial difficulty in June 2026, with bk plus instructed shortly afterwards.

Simon Wall and Brett Barton of bk plus were appointed Joint Administrators and immediately launched an Accelerated Mergers and Acquisitions process, working alongside specialist business property adviser Christie & Co to find a buyer. Following a sales process led by Richard Thomas and Jonathan Board at Christie & Co, Spa Pharmacy was acquired by growing regional pharmacy group Medicine Clinic Pharmacies, with a pre-packaged sale agreed immediately upon appointment.

The buyer took over the day-to-day running of the pharmacy via a management agreement completed in under a week, ensuring continuity of service for local patients, with full completion to follow upon NHS change of ownership approval. The speed of the process secured the employment of all of the company’s employees, and bk plus anticipates a return to creditors.

Simon Wall, insolvency specialist at bk plus, said: “We are pleased to have been able to secure the sale of the Spa Pharmacy following an Accelerated Mergers and Acquisitions process. The pre-packaged sale agreed immediately on my and Brett Barton’s appointment as Joint Administrators has secured the employment of all of the company’s employees and we anticipate a return to creditors.

“We would like to thank Jonathan Board and Richard Thomas at Christie & Co, whose extensive knowledge and contacts in the pharmacy industry has been key to the result achieved. We would also like to thank Hayley Phelps and the team at HCR Legal LLP for their hard work and pragmatic approach to get the sale agreed in such a short amount of time despite the complexity of the deal.”

Richard Thomas, Senior Business Agent, Pharmacy, at Christie & Co, said: “It was a pleasure to work with the team at bk plus to secure a buyer for Spa Pharmacy in Cheltenham. The pharmacy has traded as a successful independent business for many years, so speed was of the essence to ensure local patients could continue to access their medication.

“We undertook an expedited sales process and invited best and final offers within just one week. We were delighted to receive 18 offers in total, securing a strong outcome for our client and, importantly, for the people of Cheltenham. This sale further demonstrates the buoyancy of the pharmacy market, where we continue to see high levels of activity and strong buyer appetite.”

Mitesh Patel, Director at Medicine Clinic Pharmacies, said: “We are delighted to have exchanged on the takeover of Spa Pharmacy and, most importantly, to have been able to get the pharmacy back open and serving its local community so quickly. This was an exceptionally fast and complex transaction, with exchange achieved within just seven days, and it took a huge collaborative effort from everyone involved to make it happen.

“Our immediate priority is to provide stability and continuity for patients, staff and the wider community. We are also very pleased to be working alongside the previous owners, whose knowledge of the pharmacy, its patients and the local community will be invaluable as we work together to rebuild the business and get it back on track. Medicine Clinic Pharmacies remains committed to investing in community pharmacy and protecting access to vital local healthcare services. We see significant potential at Spa Pharmacy and are excited about the next chapter for the pharmacy, its team and the community it serves.”

Spa Pharmacy was sold for an undisclosed price.