When a leading Leicester dental practice wanted to undertake a buy out from a dental corporate, the five proposed Partners turned to NatWest to support the move.
Established in 1899, Carisbrooke is believed to be the oldest private and specialist dental practice in the UK. A general practice as well as offering specialist dental services, Carisbrooke receives referrals from all over the country. With 10 surgeries, there is a dedicated team approach to patient care right across the practice. A dental implant theatre on-site and CAT scanner which produces three dimensional images and helps the dentists to provide the highest level of care.
The Partners made the decision to buy the business back from the dental corporate body that had acquired it in 2004. This was motivated by a strong desire to build a more flexible, independent practice while still maintaining its heritage and reputation. With high levels of change in the industry around increased legislation, the Partner’s decision comes at a time when other practices are being sold to dental corporates.
Partner, Jeremy McCahill comments “We very much wanted to develop the practice in a way that was close to our own values as a leadership team – patient care is what drives us. We believe that Carisbrooke has the potential to further develop as a centre of excellence and we have a clear strategy to take that forward. NatWest was the best place to start for us as they have a strong reputation in the healthcare sector.”
John Hemsworth, Senior Healthcare Relationship Manager at NatWest’s Leicestershire Commercial office worked with the Partners to provide the right funding package, which consisted of 100% finance to enable the buy-out of the practice, together with additional facilities to support working capital.
Under its new ownership, Carisbrooke Dental LLP will continue to offer a full range of dental services, extending into orthodontics as well as installing a digital X-ray system to minimise x-ray exposure to patients. Already a renowned leader in the field, the practice is a centre of excellence for dental implants. The NatWest funding will further support a refurbishment for some areas of the practice, including the patient lounge facility and the installation of an additional surgery.
Jeremy continues,” NatWest not only provided all the finance we needed, but they also understood the requirement for cash flow flexibility during the challenging early stages of starting a new business. I was hugely reassured by the efficient and speedy progress throughout the process. My honest advice to another business looking at a significant loan like this would be to speak to NatWest first – they came through for us.”
John Hemsworth concludes, “The fact that Carisbrooke is bucking an industry trend is testament to their strong leadership and commitment to fulfilling their vision for world-class dental care. The practice is an asset for the region and it has been a pleasure to support its journey in this exciting new stage. NatWest continues to punch above its weight in terms of lending to businesses with a vision like Carisbrooke.”
Notes to Editors:
NatWest is part of The RBS Group. The RBS Group is a large international banking and financial services company. Headquartered in Edinburgh, the Group operates in the United Kingdom, Europe, the Middle East, the Americas and Asia, serving over 30 million customers.
The Group provides a wide range of products and services to personal, commercial and large corporate and institutional customers through its two principal subsidiaries, The Royal Bank of Scotland and NatWest, as well as through a number of other well-known brands including, Citizens, Charter One, Ulster Bank, Coutts, Direct Line and Churchill.
The UK Government has a total shareholding in RBS Group of 39.7 billion shares, 70.3% of the total outstanding shares on issue or an economic interest of 84%.
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