Six figure funding deal sees dental practice change hands
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A dentist in Nottingham has become the new owner of a local dental practice after securing funding support from Lloyds Bank.
Dr Gurdit Singh has used a six-figure funding package to purchase Mapperley Dental Care in Nottingham. The one-surgery practice currently provides dental care for around 1,000 patients in the area.
Dr Singh was also able to secure the freehold of the three-storey Victorian townhouse the practice is based in. The size of the building offers scope for further growth and Dr Singh has ambitions to add another surgery to the practice, as well as expand the range of services it can offer to include orthodontics and implantology.
He has already hired two new members of staff to support his plans for growth and will also invest in modernising the building in the months ahead.
Dr Gurdit Singh, director and owner at Mapperley Dental Care, said: “This is a huge step for me, having started my first job in dentistry just five years ago, but it really is a dream come true. One of the main reasons I was attracted to Mapperley Dental Care was the potential for growth and I’m excited to get started on developing the practice.”
The deal was due to be completed in August 2020 but was delayed by more than twelve months due to the coronavirus pandemic.
Singh said: “The Lloyds team provided support and reassurance throughout what was a difficult time, and I’m pleased that we’ve now been able to complete the purchase. Now that we’re up and running I’m looking forward to working with them over the coming months and beyond.”
Andy Pearson, relationship manager at Lloyds Bank, said: “Gurdit has shown incredible ambition in the short time since he qualified, and we’re pleased that we’ve been able to help him acquire his first practice.
“We have no doubt that he will enjoy huge success as he looks to grow the business and we will remain by his side as he does so.”