A Cheltenham-headquartered dental care business has reported a rise in revenues of £3.9 million, thanks to the acquisition of nearly 30 dental practices around the country.
Portman Healthcare Ltd turned over more than £116 million in the year 2020, with gross profits of £54.6 million, but after expenses this resulted in an operating loss of £4.2 million thanks to Covid-19 closing its practices. From the end of March to mid-June practices were closed to patients with the loss of all private fee revenue.
Portman bought dental practices across the country, from Glasgow down to Maidstone.
Sam Waley-Cohen, founded Portman Dental Care in 2009 with the desire to be the best rather than the biggest privately-focused dental group.
Portman currently has 150 dental practices across the UK, including 16 orthodontic Portman Smile Clinics, caring for more than 600,000 patients. It completed on its 150th practice, The Dental Surgery, Corn Exchange, London, in March. The Dental Surgery is one of the UKs leading dental practices, operating 15 dental surgeries in the City of London.
The sale process was brokered by specialist business property adviser, Christie & Co.
Simon Hughes, Managing Director, Medical at Christie & Co, said: “The sale of The Dental Surgery is a great example of how demand has rapidly returned for prime, high quality, city practices over the last few months. It was a pleasure acting for Shaun and Simon in the sale of this fantastic practice and we wish them both the very best as they open the next chapter for the business.
“Portman acquired The Dental Surgery in a competitive sale process and, with its strong London presence, was an ideal choice for Shaun and Simon. Congratulations to the team for securing this landmark acquisition as its 150th practice in the UK.”
Speaking on behalf of Portman, Andy Sloan, Business Development Director, said: “Not only are we thrilled by the acquisition of The Dental Surgery into the Portman group, but also that it is our 150th practice and what a fitting acquisition to achieve this milestone. The whole team at The Dental Surgery have been fantastic throughout a rapid due diligence process and I am happy to welcome them to the Portman family.
Sam Waley-Cohen, CEO Portman added “Portman Dental Care was founded on simple principles, to put the patient at the heart of everything we do, and to make the life of our clinicians as easy as possible. We share an ethos with The Dental Surgery of never compromising on the level of care provided to patients and we are thrilled the team at The Dental Surgery have chosen to join us to continue their journey.”
The company is multi award-winning, with accolades including ‘Outstanding Business of the Year’ at the Dental Industry Awards for three consecutive years (2017 to 2019), as well as nationally recognised awards within many of our individual practices.