The sale of an Oxford pharmacy business that went into administration has been delayed because of financial issues.
According to updated documents filed by the administrators handling Ahmeys, only a contract exchange with held deposits has occurred, along with a mutually agreed extension.
The sale agreements for the Oxford Road, Cowley dispensary were exchanged in July 2025, with a total deposit of £122,500 to be secured by January 2026 against the £1.225m purchase price.
The filing shows completion has suffered several postponements as the buyer, PharmaLearn, struggled to secure funding due to lower valuations from lenders and a slow property market.
Rather than terminate the arrangement, which could have led to higher costs, additional delays and a reduced sale price (around £900,000), the administrators, after consultations with NatWest, approved a further six-month extension.
This was conditional on a £100,000 non-refundable payment, which has now been received.
Paul Appleton, joint administrator at Begbies Traynor, explained that a further extension for completion was approved, giving PharmaLearn until June 2026 to complete the purchase, though administrators expect it to be finalised well before that date.
He noted that while this extension has required additional time and legal work, administrators remain confident that, compared to the alternatives, continuing with the present sale process provides the best chance to maximise returns for the administration estate.
He added that further steps were taken regarding the continued occupation of the premises, including talks with Medlearn about an appropriate licence fee, as well as groundwork for issuing a potential completion notice due to delays in the execution process.
He stated that work will continue throughout the next reporting period to resolve all remaining issues and complete the transaction as quickly as possible.
Shortly after the administrators assumed control, MedLearn Limited and Pharmalearn Limited agreed to purchase the pharmacy.
Administrators confirmed that Faiza Saleem acts as a director of both acquiring companies and is connected to Nisar Ahmad, the sole director of Ahmeys.
Mrs Saleem is married to Faheem Ahmad, who resigned as a director from Ahmeys in January 2025 and from Medlearn in January 2024.
She is also the daughter-in-law of Nisar Ahmad, 69, the remaining director of Ahmeys.
The 22 staff members at Ahmeys were transferred to the new owner through TUPE (transfer of undertakings protection of employment), preventing job losses and unpaid wages.
Administrators noted in an earlier filing that Ahmeys started experiencing financial difficulties because of working capital shortages and falling revenue.