Regent Pharmacy Move On Hold As Financial Pressures Hit

An Isle of Wight pharmacy’s planned move into a former toy shop, an “ideal opportunity” to provide more room for patients, is on hold amid continuing financial struggles, its owner has said.

Gary Warner, the owner of Regent Pharmacy, spoke out over plans to transfer his business across Shanklin’s Regent Street into the former Toymaster shop, a building the pharmacy currently owns a lease on.

In September last year, Mr Warner told the press he was having to rely on life savings to keep the firm afloat against the backdrop of a national pharmacy crisis.

He said:

“We’ve put in plans for a pharmacy into the council, had the architect in – some very significant changes need to be made because the building is old and we’re putting it to a new use, so we need to meet the new regulations.

“That has pushed the refit price up so we’re looking at the sharp end of about £480,000 to refit the premises. This was two and half years ago – since then the NHS has continued to starve pharmacies of funding.

“The money that was provided since April 1 by the NHS – two thirds of that has gone to pay for minimum living wage, National Insurance… to staff and back to the government.

“So, we’re not yet able to repay the money that we’ve spent from our reserves to keep the pharmacy running and also our family savings.

“If we had the money we could proceed with refitting out the pharmacy.”

Mr Warner added the former Toymaster building has been stripped out, removed of asbestos, with structural remedial work also now completed.

Looking to the future, Mr Warner said:

“We hope, over the coming years…that the NHS will recognise the work that the pharmacy does, and we will be able to rebuild our reserves and do that refit.”

The freehold of the former toy shop is currently listed for auction, with its bidding price starting at £350,000, through Clive Emson.