2 minute read
Legal Matters
BY RYAN FITZPATRICK, BELL & BUXTON INCORPORATING IRONMONGER CURTIS
The associate solicitor on increased buyer enthusiasm in the dental sector
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THINKING ABOUT BUYING OR SELLING A DENTAL PRACTICE DURING THE PANDEMIC?
Since dental services reopened in June 2020, the buyer enthusiasm shown by associate dentists and corporates has generated greater competition in the dental market across the full spectrum of practice type and size. Even in the current climate, we are frequently receiving new instructions from prospective buyers and sellers. There is an optimism for new business, with the number of completions now approaching normal levels.
In particular, it is evident that recent events have encouraged many associates to escalate plans to buy their own practice in order to secure themselves an income. Many corporate providers are also reporting a strong return of revenue, at least proportional to the number of patients they can see given the current COVID-19 restrictions. As opposed to scaling down, corporate groups have emerged with a renewed confidence to expand. Consequently, dentists who are looking to sell their business are achieving a good price due to the increased quantity of potential buyers.
The rollout of the vaccination programme has encouraged many buyers and sellers to prudently agree terms today, especially because these transactions usually take at least six months to complete – the likely view is that the robust dental sector will have settled even further by that point.
In addition, it is apparent that most banks are open for business to the dental market, and despite the uncertainty in the wider economy, their policies have not changed significantly, and they are therefore willing to support both seasoned providers and lend to first-time buyers.
How can we help you?
Bell & Buxton Solicitors (incorporating Ironmonger Curtis) are a law firm which specialises in the sale and purchase of dental practices.
We have a wealth of experience in dealing with NHS contract transfers and CQC requirements. The firm acts for both NHS and private dental practices along with a broad range of other clients from the first-time buyer, to the more experienced multiple site corporate groups, to a dentist who has been an owner for 35 years and wants to retire. At any one time, we may have up to 60-70 dental sales and purchases all over the country.
We offer fixed fee quotes at the outset. All of our fees include any assistance required to complete the pre-completion CQC application forms. Unlike many of our competitors, we do not charge an additional fee for this CQC service.
We do act for other businesses as well as dentists, which helps give us a more rounded commercial approach and is a benefit to our clients. It is important that you have protection beyond the completion of the transaction, and we will advise you on complex issues such as: due diligence; disclosure; warranties; retentions; TUPE and staff transfers. We do try to be as accessible as we can be and understand that often this means fitting in with your own availability.
