Polished deal for Glasgow dentistry business

22/08/2011

A successful Glasgow dentistry firm is set to expand after completing a financial deal with Clydesdale Bank.

Skye Dental Ltd, which owns Skye Dental Group on Crow Road and Devonshire Dental Care on Hyndland Road, has been provided with a £140,000 funding package to help acquire a third dental practice – Partick Dental Clinic on Dumbarton Road.

The new practice, which has been purchased from a competing dentistry business, will provide a comprehensive range of general and cosmetic treatments for NHS and private clients, including routine examinations and treatments. Additional private treatments such as porcelain veneers, tooth whitening, metal-free crowns/fillings, implants and cosmetic braces are also available.

Last year, Skye Dental Ltd and partner firm, McGregor Murphy and Rennie reported a combined annual turnover of £2.3 million, with ambitions to increase to £3 million over the next 3-5 years. McGregor Murphy and Rennie own an additional two dental practices – one on Dukes Road in Burnside and the other in Nitshill.

At present approximately 40 members of staff are employed across the five practices, including dentists, hygienists, surgery assistants and receptionists.

Iain Duff, business development partner at Clydesdale Bank’s Lanarkshire Financial Solutions Centre has been working with the company for the past year. He said: “Skye Dental Ltd is a fantastic example of a small company that has gone from strength to strength over the past few years.

“When the partners approached Clydesdale with their proposal to purchase an existing dental practice we were eager to support them. The group’s new acquisition will further cement its strong presence in the west end of the city, and we’re looking forward to continuing to work with Skye Dental Ltd as it develops further over the long term.”

Brendan Murphy, director of Skye Dental Ltd, said: “We are extremely excited about the acquisition of a third new dental practice in the west end of the city. This has been a real coup for us, and we could not have completed the deal without ongoing support from Clydesdale Bank.

“Our new facility on Dumbarton Road will be kitted out with all the latest equipment, and our dedicated team qualified in the most modern techniques. Alongside patient care of the highest quality, we remain committed to offering flexible finance and payment plans to help ensure our treatments are affordable for all our clients.

“In looking to expand Skye Dental Ltd we felt it was important to work with the correct finance partner, and Clydesdale Bank had a lot to offer in supporting our ambitions for the future of the business.”

Clydesdale Bank’s Lanarkshire FSC comprises an experienced and diverse team encompassing corporate banking, business banking, private banking, asset finance and invoice finance across all sectors. It operates a traditional method of banking with funding from deposits used to support investments in the local community.

With a network of 16 Financial Solutions Centres in Scotland and 73 across the UK, Clydesdale Bank’s local banking model ensures that every pound deposited in the area is reinvested back into the local economy in the form of lending to Scottish businesses.