Published: June 23, 2021
1.2m funding from Unity Trust Bank supports dental practices’ plans for growth
Two dentists, who met at university and went on to partner in three dental practices in Scotland, are set to develop their business further following a seven-figure funding package from Unity Trust Bank.
Iain Maudsley and Brian McMillan became friends after studying dentistry at Glasgow University in 1989 and now own St Leonards in East Kilbride, Bankhouse in Airdrie and Bannockburn Dental in Bannockburn.
The £1.18m refinance deal from Unity has enabled them to consolidate previous finance. They can also now focus on the continued growth of their business.
Scott Hutchinson, Relationship Manager at Unity Trust Bank, said: “We are committed to supporting businesses that promote good health and wellbeing in local communities and dental practices are pivotal to this.
“We have supported many dental practices in the UK, but this is our first in Scotland. We’re delighted to be able to assist Iain and Brian as they continue the valuable work they are doing.”
Having bought their first practice together, St Leonards in 2003, Iain and Brian relocated to new purpose-built premises 10 years later, offering state-of-the art facilities.
In 2015 they added Bankhouse and Bannockburn to their portfolio. By investing in all three practices, they now cater for 30,000 patients and employ 51 people.
Iain said: “We had residual finance on all three practices. When our tie-in with our previous provider came to an end, we decided to look around. We approached six banks, but Scott from Unity Trust Bank was the first to respond. He came across very well and was very efficient.
“Unity’s ethos in wanting to help communities resonated with us because that’s what we do – make oral health care as accessible as possible. Our values go hand in hand.
“The refinance with Unity makes everything simpler. It will ensure the smooth running of our business. We’ll also be able to improve and expand.”
A priority for Iain and Brian as Lockdown restrictions ease is to re-start their education programme. This includes advising parents about good oral hygiene for children.
Iain said: “We saw a definite improvement in oral health awareness. Patients began getting regular check-ups and parents are instilling good habits in children early on.
“During the Pandemic there have been limitations to how many patients we can see. So, we need to regain the ground that we had before.”
To find out more about Unity Trust Bank and how we can support your business, call our UK based Customer Centre team on 0345 245 0020.