A dental clinic in Ilkley has been bought out from a corporate healthcare firm by three partners.
U Dentistry was purchased by practice manager Jill Dean and dental surgeons Martin Harris and Alyn Morgan, who will all continue working at the practice.
The practice on Valley Drive, Ilkley, was established in 2005 and provides a wide range of medical and cosmetic services including dental implants, root canal treatments and veneers. With nine members of staff, including two nurses and two hygienists, the practice also offers orthodontic treatments through a visiting orthodontist, Sandy Karnezi.
Having been with the practice since it was founded, Martin and Jill had sought to buy it from several previous owners before their offer was agreed.
They approached Lloyds Bank Commercial banking’s Healthcare Banking team to secure the six-figure loan for the purchase, which was provided under the Government-backed Funding for Lending Scheme. Under the scheme, customers receive a discount of one per cent for the life of their loan.
Martin 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, Healthcare Banking relationship manager for Lloyds Bank Commercial Banking, said: “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.”