Dental practice acquired off asking price of £720k
Specialist business property adviser, Christie & Co, has announced the sale of Prestbury Dental Practice in Cheshire to expanding operator, Pearl Smile.
Prestbury Dental Practice, which was founded in the 1960s, is a well-established two-surgery mixed dental practice which occupies the first floor of a large, Tudor-style GP surgery.
The practice is located in the affluent village of Prestbury, near Macclesfield, Cheshire, and enjoys a prominent position in the heart of the village in one of the most sought after and expensive places to live outside London.
The business was previously acquired by Dr Mike O’Reilly and Dr Adam Relph over 14 years ago and has since grown into a successful and reputable practice specialising in high quality family dental care.
Dr O’Reilly said: “I started as an associate at the practice in 2001 which, after previously working a lot in community and hospital dentistry, I really enjoyed.
“When I was offered the opportunity to purchase in 2005, the list of patients was suitable for just two days of work a week. We took advantage of the BDA Good Practice scheme, of which we are still members, and soon grew the practice to full time.
“We decided it was time to sell to make room for a new challenge, and I was offered the role of a clinical advisor early in the year which I start in November.
“Although I will miss the practice, I’m looking forward to my new role tremendously. I hope the practice goes from strength to strength, offering a range of treatments, both NHS and private, to many more patients in the region.”
Prestbury Dental Practice has been purchased off an asking price of £720,000 by Pearl Smile, a growing dental group which currently owns three other practices in the North of England. The operator has plans to expand the practice with the addition of another surgery.
Jonathan Watson, director at Christie & Co, who handled the sale, said: “I am delighted we were able to conclude the sale of Prestbury Dental Practice for Mike and Adam who, after running the practice for many years, are looking forward to concentrating on the clinical side of dentistry once again.
“We received a staggering amount of interest for the practice throughout the process, proving that location and reputation are key to market appetite.”
Daniel Gianferrari, senior associate at Knights, who acted for the sellers, said: “It was a pleasure to act for Mike and Adam on this transaction. It has been a real team effort during an extremely challenging time, so I am delighted to be able to help them finally achieve their ambitions.”