Another Scottish dental surgery has been snapped up, with two brothers inking a deal to buy an established Hamilton-based practice.
Paul and Martin Allan have acquired the Borland & Morton surgery from its retiring founding partners, after receiving a £745,000 funding package from high street lender Barclays.
The new owners plan to increase the business from four to five surgeries and widen the range of treatments available, with a particular focus on cosmetic dentistry.
Martin Allan has been a member of the team at Borland & Morton since 2011, and will now be joined in the business by his brother, and fellow dentist, Paul. The new owners will grow the team to five dentists and they intend on taking on a new trainee within the next year.
Barclays said it has seen the number and value of loans to the UK dentistry industry almost double in the last two years, amid a push to expand premises and invest in new technology to keep up with consumer demand. The package provided to Borland & Morton includes a £674,000 commercial mortgage, £56,000 loan for investing in new equipment, and an optional £15,000 overdraft facility.
The support from Barclays will enable the business to invest in a camera that allows a 3D model of teeth to be created.
Paul Allan, co-owner of Borland & Martin, said: “Borland & Morton is an established and respected surgery in the local area and we are looking forward to further enhancing the offering it provides and realising our ambitions for the business.”
Tom Every, business manager at Barclays, said: “We are pleased to assist the new owners in taking over an established business and helping them to put in place plans and goals for continued growth and success.
“Dentistry is a sector which is performing well, with an increase in demand for cosmetic treatments helping to drive that growth.”
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