Ilkley dentists in six-figure buyout
Managers at Ilkley-based U Dentristy have bought the clinic using a six-figure loan.
Three partners, including practice manager Jill Dean; and dentail surgeons Martin Harris and Alyn Morgan, will continue to work at the Valley Drive clinic.
Both Martin and Jill have been with the practice since it was founded and had sought to purchase it from several previous owners.
Using a six-figure loan from Lloyds Bank Commercial Banking via the Government’s Funding for Lending Scheme, they managed to strike a deal.
Martin Harris said: “We had been looking to purchase the practice since it was founded in 2005, but after its sale this had looked less and less likely.
“The major advantage of being small and owner-run is that we can offer a much more personal level of service that is tailored to the needs of our patients, and which helps to build the trust that is vital between a dentist and patient.
“U Dentistry also represented a really good opportunity for us to buy a strong business that also had lots of potential for future expansion, and we’re already looking at developing our orthodontic offering further in the coming year.
“The funding package offered by Lloyds Bank Commercial Banking was by far the most competitive we had seen, and the guidance offered by our relationship manager throughout the process has been invaluable in completing the transaction quickly and efficiently.”
Steve Midgley, specialist Healthcare Banking relationship manager for Lloyds Bank Commercial Banking, added: “Dental practices like U Dentistry offer a valuable service to the local community, and it’s encouraging to see that the team’s hard work and perseverance in looking to purchase the practice pay off.
“Jill, Martin and Alyn’s substantial experience, combined with their thorough business plan, made it a compelling proposition and helped us to quickly structure a lending package that suited their exact requirements.”