Foresight ‘believe in the weave’ with £7 million backing for hair transplant business with troubled history
Regional private equity investor Foresight has spent £7 million on a stake in The KSL Clinic named after the founder who went bankrupt amid a series of claims from patients who had botched transplants by a surgeon who was struck off by the British Medical Association.
KSL was so named after founders Kayleigh and Simon Lindsay, who introduced former non-league football manager Lloyd Hume to the business in 2016.
The company now runs two clinics – located in Salford, Greater Manchester, and Maidstone, Kent – delivering FUE hair transplant treatments.
The controversial, and now closed, Glasgow clinic performed hair transplants for celebrities including footballers Leigh Griffiths and Anthony Stokes, Westlife singer Brian McFadden and The Only Way Is Essex star Maria Fowler. It closed following complaints about botched treatments from clients.
Founder Lindsay went bankrupt with debts of £272,744 in 2018.
In 2022 Dr Ruiz Alconero was found by the BMC to have put four hair transplant patients at risk while working at KSL in Glasgow.
The investment, from Foresight’s North West focussed fund, and its VCTs, will enable it to increase its team and expand its geographic presence.
To do so Foresight have installed Mark Edwards as CEO who previously ran MiHealthcare, which delivered 4.1x returns when Foresight exited last year.
He will work alongside Lloyd Hume, the former manager of Maidstone United between 2004 and 2010, who is referred to as the founder.
Edwards said: “Partnering with Foresight marks an exciting phase in KSL’s journey. Lloyd and the team at KSL have built a great business and with Foresight on-board we have ambitious plans to increase our clinical reach to deliver excellent outcomes for more patients.”
Hugh Minnock, Investment Director at Foresight, added: “KSL is an exciting business and we saw great potential in what has been built to date, along with the wider market. We are delighted to partner with KSL and are confident that with this injection of growth capital, Mark, Mike and the KSL team will accelerate growth and achieve their business ambitions.”
Foresight have been approached for comment on the background of the business and the level of risk they have taken on.
Lloyd Hume said: “My Company The KSL Clinic Limited, has only ever operated in England under CQC regulations from our two registered clinics, and has never operated in Scotland or used the services of Dr Juan Ruiz Alconero in any of our clinics.
“One of the original Directors (Mr Simon Lindsay) of The KSL Clinic Limited did own a number of businesses including clinics in Scotland namely KSL Hair, KSL Fit & KSL Medical to name a few. Only Simon and his wife Kayleigh Lindsay were directors and employees of the completely separate companies operating in Scotland. You will see from records on Companies House that I am the founding MD of The KSL Clinic (1st Registered 02/2016) and although Simon Lindsay was initially a Director and a supposed business consultant he resigned from The KSL Clinic on 16th September 2017 and had no further involvement with the business in any way.”
