Restructuring Business Loan for Dental Practice
A dental practice operating for over 25 years had extended into adjoining premises over a period of time as the practice grew. Our owner of the practice, the founding dentist, had during that time established a dental training school and seen growth by opening a further 10 dental surgeries.
The practice has been refurbished to a very high standard and has a substantial NHS contract delivering approximately £1.5 million worth of NHS dental services a year with the overall business being valued in the region of £5 million in addition to a further £1.5 million of property.
The owner was looking to plan an exit strategy with a view to providing a succession and restructure that would allow his family to take over the business whilst releasing funding that would put towards retirement.
The owner, our client, had banked since day 0ne with a high street bank and had a large overdraft facility and other securities in place, the bank was reluctant to support the restructure. We identified another well known bank who were keen to speak with the client and were happy to offer terms which included adding the children as new directors.
A key element to the success of this for the client was our in depth knowledge and experience in presenting the right information to lenders. Working with high street lenders to secure finance for clients can at times ‘seem like pulling teeth’, for the right clients the rates and terms often remain the most competitive.
We manage over 300 senior relationships with lenders and offer a true whole of market proposition for our clients. To discuss funding needs for your business Contact Us today.