Newspaper article The Journal (Newcastle, England)

Pharmacy Sale Is Just What the Doctor Ordered

Newspaper article The Journal (Newcastle, England)

Pharmacy Sale Is Just What the Doctor Ordered

Article excerpt

Byline: Peter McCusker

THE corporate finance team at the Sunderland office of national accountancy firm RSM Tenon has enjoyed a successful spell with the completion of two disposal deals.

Earlier this year it advised the owners of Washington-based construction firm GJP Holdings on its sale to US-based RPM International Inc and it has recently secured the sale of Wearside-based Frank Jones (Chemist) to a Middlesbrough firm.

Tony Edwards, director of corporate finance for RSM Tenon said: "I am delighted by the team's success in a difficult economic climate.

"Despite these market conditions, we have managed to maintain a steady deal flow through our North East office.

"Completing deals in this environment is testament to the skill and tenacity of my team."

Frank Jones (Chemist), was owned by Derrick and Norma Hope, who operated two pharmacies in Houghton-le-Spring. It was sold to Middlesbrough-based Knightingales.

Mr Edwards said: "The Hopes were delighted to complete the deal with Knightingales, who they saw as culturally similar and who they believe will continue to successfully develop the business in the coming years."

This deal followed hot on the heels of the sale of GJP Holdings to RPM.

GJP Holdings is an international civil engineering and construction organisation focusing on bridges, tunnels, rail and major structures. RPM International Inc is a multinational holding company with subsidiaries that manufacture and market high-performance coatings, sealants and specialty chemicals, primarily for maintenance and improvement. Its shares are traded on the New York Stock Exchange and it operates 92 manufacturing facilities in 22 countries.

Mr Edwards continued: "We have a strong pipeline and are confident that we can continue to deliver the right deals for our clients.

"It's true to say that, for many businesses, this isn't the right time to sell. …

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