Management facelift as beauty business undergoes MBO
A new management team have taken over at York-based cosmetics business face etc.
Medical director Nick Rhodes has taken over the business in a management buy-out with his wife Orla.
He has been with the family-run business since 2008 and was approached by owner Sharon Moore about acquiring it.
The pair are now looking at ways to diversify the business and introducing new treatments including lipofreezing coolsculpting which involves freezing pockets of fat which are removed via the lymphatic drainage system, and Aestheticare Skinlux light therapy, a non-invasive treatment to improve skin ‘quality and plumpness’.
A £250,000 investment has already been made in two new machines including a non-surgical face and neck lift device and a ‘skin tightening’ Exilis machine for face and body.
They have also created 5 new jobs bringing face etc’s headcount to 24.
“My experiences with face etc… over the last eight years meant I had no hesitation in saying yes the moment Sharon suggested we made the purchase,” said Rhodes. “It really is a fantastic business with a loyal customer base and, vitally from our perspective, a huge amount of growth potential.”
The Rhodes’ were advised by the York office of law firm Lupton Fawcett with funding to assist the acquisition provided by the Royal Bank of Scotland.
The pair are also seeking Care Quality Commission approval for an operating room at the clinic, allowing them to carry out a wide range of minor cosmetic surgeries, including eyelid rejuvenation, micro-fat grafting and minimally invasive facial-lifting procedures.
Martin Frost, director of Lupton Fawcett who headed up the team which advised on the deal, said: “There are very few deals that can be called straightforward, but with face etc… this was very much the case. Sharon Moore and her family were keen to sell and Nick and Orla were delighted to have been presented with the opportunity to buy. However, even when two parties have agreed the sale between themselves, it is essential that the contract is properly drawn up to protect both parties in the future. We were therefore delighted to have been appointed to advise on the deal and help conclude the sale.”
“It is wonderful news for York that such an ambitious couple have taken over the business. It is clear that they want to build on the tremendous success the practice has achieved to date and, through continued investment in the latest state-of-the-art equipment, become the best medispa in the UK.”
The Royal Bank of Scotland structured a funding package to assist Nick and Orla with the purchase.
Senior relationship manager, Paul Craske, said: “face etc…is a very reputable business that has already developed a strong customer base in the region. The aesthetics industry is a rapidly growing sector and the business is set to continue to expand rapidly under Nick and Orla’s guidance as they have the skills and expertise to develop it further.”
