The UK pharmacy market remained active throughout 2025, with transaction volumes holding up despite continued pressure on community pharmacy operations, according to Christie and Co’s Business Outlook 2026 | Pharmacy report. Christie and Co highlights that while the sector has faced ongoing challenges, pharmacies continue to attract buyer interest and opportunities remain across the market for both independents and groups.
A key driver of activity has been ongoing restructuring among larger operators, with multiples and bigger pharmacy groups continuing to review their estates and divest branches that are underperforming or fall outside their long term strategic focus. The report suggests this has supported a steady pipeline of pharmacies being brought to market. It also notes that smaller, independently owned groups have adopted similar approaches, with some choosing to rationalise their portfolios to improve performance and sustainability.
Alongside planned disposals, Christie and Co reports an increase in bank driven and administrator led sales during 2025, reflecting the extent of financial pressure across the sector. Rising costs, recruitment challenges, and constrained funding have contributed to more businesses coming to market under distressed circumstances, creating opportunities for buyers with the capacity to invest and improve performance.
First time buyers remain an important part of the market
Despite the challenging operating environment, the report indicates there is continued appetite from new entrants. Christie and Co notes that 30 percent of transactions during 2025 involved first time buyers, demonstrating that pharmacists and smaller operators still see long term value in ownership and community pharmacy’s role within healthcare.
For first time buyers, current market conditions may offer opportunities to acquire established pharmacies at more accessible values, although Christie and Co highlights the importance of careful due diligence, realistic staffing plans, and clear strategies for service delivery and operational efficiency.
Market values and confidence
Christie and Co reports that in 2025 it advised on, valued, or sold 1,155 pharmacies, with a combined total value of £869m. This reflects sustained market activity and ongoing buyer demand across the sector.
The report also suggests that the March 2025 funding announcement helped stabilise goodwill values, with a greater proportion of higher value transactions taking place compared to the previous year.
An anonymous survey was completed with pharmacy professionals across the country to gather their views on the year ahead.
Outlook for 2026
Looking ahead, Christie and Co predicts that cost pressures will remain a key challenge for pharmacy operators in 2026, alongside ongoing recruitment and operational demands. The report expects further rationalisation of non performing corporate assets, meaning there is likely to be a continued flow of pharmacies coming to market as larger groups refine their portfolios.
Despite these pressures, the report suggests there is cautious optimism that market activity will continue, supported by buyer interest and opportunities for well run pharmacies with strong fundamentals. Christie and Co also forecasts that demand for private services will increase, providing additional scope for pharmacies to diversify income and respond to changing patient expectations, particularly where businesses can deliver services efficiently and consistently.
Overall, the report indicates that 2026 will continue to reward pharmacies that balance operational efficiency with service development, while ensuring that business plans remain sustainable in the face of ongoing sector wide challenges.
Thanks to the team at Christie & Co for producing such a vital buisness outlook for the year ahead.