Press Release | Clydesdale Bank, October 2016
Leading Wiltshire-based dental operator, Gensmile Dental Care, has announced further expansion following agreement on a £2.6 million funding package with Clydesdale Bank.
The firm, which employs over 130 staff, has announced the acquisition of two new practices in Hampshire and Wiltshire, adding to its five existing surgeries in Lancashire, Worcestershire and Cornwall.
It is already in discussions with an eighth practice, based in Gloucestershire, and expects to complete the acquisition shortly in a deal which will be supported by additional funding from Clydesdale Bank.
Plans for a number of further acquisitions in the coming year are already under way.
Launched in 2014, Gensmile caters for a mix of NHS and private patients and, in its first year of operations, generated revenue in excess of £6 million.
Founder and managing director, Simon Turton, a pharmacist with experience in both the NHS and retail sector, has a lengthy track record of managing both high growth and start-up enterprises, as well as country management experience in the pharmaceutical industry.
Gensmile’s expansion strategy is based on identifying practices with strong growth potential and establishing partnerships with them, which allow the sellers to focus fully on clinical matters.
The deal was facilitated by Patrick Brennan, Clydesdale Bank’s national lead for the dental sector.
Simon Turton, Managing Director of Gensmile Dental Care, said: “Although there are a number of consolidators in this large, fragmented market, we are distinguished by treating each dental practice according to its own strengths, history and local market.
“We believe there is real potential for further growth in the sector based on our proven approach of partnering with high quality practices and introducing strong business support, which allows experienced clinicians to concentrate on patient care.”
“As well as being able to provide the funding and facilities we required, the bank’s previous track record in the sector and Patrick Brennan’s knowledge and understanding of the industry have proved invaluable and we are already in discussions with the Bank about additional funding to support a number of future acquisitions.”
Patrick Brennan, Clydesdale Bank’s national lead for the dental sector, said: “Simon and his team have grown their business rapidly over the past two years through an extremely successful acquisition strategy.
“With their plans to extend their reach into other areas of the country already well advanced we look forward to continuing to support their growth ambitions.”
For further information, contact:
Stephen McCrossan The BIG Partnership 0141 333 9585 / 07866 569639
This Media Release and its contents are intended for journalistic and editorial purposes only. They are not intended as an advert or invitation to customers, or potential customers, to take or enquire about any products and/or services from the Bank.
Clydesdale Bank is part of CYBG PLC. Clydesdale Bank was established in 1838 in Glasgow and, as one of Scotland’s largest banks, has a proud history of innovation and support for industry and communities across the UK.
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