Plastic surgery firm goes under the knife with pre-pack administration

ONE of the country’s largest cosmetic surgery groups, Transform Medical, has been sold in a pre-pack administration deal to German investment fund Aurelius.

Transform has 26 clinics nationwide, with 400 employees, providing non-invasive treatments and consultations, including two surgeries in Yorkshire, in Leeds and Sheffield. 

According to its website well-known clients include the model Katie Price.

Administrators from Surrey-based insolvency firm Turpin Barker Armstrong were appointed on June 30 to Transform’s parent company, Transform Medical Group (CS) Limited. Assets were then sold to TFHC Ltd, a business registered to the London offices of Aurelius Investments.

A spokesman for Transform, which was founded in Manchester in 1974 as a hair transplant clinic, said: “We can confirm that as of the 1st July the ownership of Transform transferred to Aurelius Group. This change of ownership will result in a financial restructuring of the business.

“Transform remains committed to its patients and these changes will see the new legal entity TFHC Ltd, which trades as Transform, honour all existing aftercare commitments, extended warranties and ensure deposit protection.

“Transform will continue to deliver its market leading surgical and non-surgical cosmetic procedures to patients across the UK.”

He added: “There are no scheduled redundancies or clinic closures”, but declined to reveal up-to-date revenue or pre-deal liability figures for commercial reasons.

According to its most recently-filed accounts, Transform Medical Group employs more than 355 staff and in the year to September 2012 made a loss of £1m on sales of £39.6m.

Regarding the impact of the restructuring process on customers affected by the PIP breast implant controversy – which saw many women have to have implants replaced after the material PIP leaked – Transform added: “There has been no finding Transform was negligent in supplying PIP implants.

“In an effort to secure the best possible outcome for patients, Transform issued proceedings against its insurers in order to maximise cover. In addition, Transform assigned its rights of recovery against PIP implant distributor (Clover Leaf).

“Throughout, Transform has worked diligently to support PIP patients offering free consultations with surgeons, free scans and free implant removals. Removal and re-augmentation has been charged at cost price, ensuring no commercial gain has been made from the situation.”

“Transform continues to operate to the highest standards of patient care with a clinical governance structure that adheres to best practice.”

 

Click here to sign up to receive our new South West business news...
Close