The £1.225 million disposal of an Oxford pharmacy business has been finalised, twelve months after the company entered administration.

Ahmeys Limited fell into administration in July 2025, carrying debts exceeding £3 million.

The business had maintained pharmacy operations at premises in Oxford Road, Cowley and a second location in Bicester.

The freehold properties at 148, 148A and 150 Oxford Road, together with a portion of the ground floor at 150 Oxford Road including associated parking facilities, were sold under contracts exchanged in July 2025.

The buyer, who is related to the director responsible for establishing PharmaLearn, provided an initial deposit of £100,000.

A supplementary deposit of £122,500 was paid in exchange for extensions to the completion deadline, first moving to 10 December 2025 and subsequently to June 2026.

The additional time was required because valuations obtained from lenders reportedly fell substantially short of the agreed purchase price amid conditions in the property market at that time.

Administrators assessed the possibility of terminating the agreement and returning the sites to the market.

Their assessment determined that such a course of action might have produced a reduced sale price, together with increased holding and marketing expenditure and extended timescales.

Following consultation, NatWest, which held security over the properties, supported the decision to permit the deadline extension.

Completion has now occurred, with the full £1.225 million sum paid into the administration estate for distribution to creditors.

NatWest received the majority of funds from the Oxford Road transaction but remains owed approximately £115,000 together with additional interest.

The bank was paid £1.085 million from disposal proceeds following agreement on costs and redemption terms.

Whether further asset realisations will prove sufficient to discharge the outstanding balance or enable any distribution to HM Revenue and Customs remains undetermined.

No preferential creditor claims have been identified, owing to the transfer of the business and its 22 staff members to Medlearn under the Transfer of Undertakings Protection of Employment regulations, which prevent compulsory redundancies in such circumstances.

Further unanticipated work is required to conclude the administration, with anticipated costs ranging between £50,000 and £75,000 above the fee estimate previously sanctioned.

Permission was granted four weeks prior to extend the administration duration by a further twelve months.

Should circumstances require an increase in administrators’ remuneration, creditor authorisation would be necessary.

However, the current asset position has been deemed insufficient to warrant seeking such approval unless conditions alter.

Shortly following the appointment of administrators, MedLearn Limited and Pharmalearn Limited expressed their intention to acquire the pharmacy business.

Administrators confirmed that Faiza Saleem serves as a director of both acquiring companies.

She is connected to Nisar Ahmad, who holds the position of sole director at Ahmeys.

Mrs Saleem is married to Faheem Ahmad, who stepped down from his directorship at Ahmeys in January 2025 and from Medlearn in January 2024.

She is additionally the daughter-in-law of Nisar Ahmad, aged 69, who continues as Ahmeys’ remaining director.