Higgins & Winter Dental Practice & Implant Centre, in Ponteland, near Newcastle, has seen its patient numbers soar since it was acquired by dentists Kevin Higgins and Richard Winter in November 2011.
The Ponteland Road practice was previously home to one dentist and only opened three days a week but the new owners have invested £150,000 in a full refurbishment and extending the building to include three surgeries.
The practice, which has seen its patient list grow to top 3,000 from an original 700, has recruited a dental hygienist and a third dentist joins the team in September.
The business has grown turnover five-fold, boosted staff numbers from three to 11 and has extended opening hours to 8am-8pm.
New services that have been introduced include dental implants, adult orthodontic services and teeth whitening.
In addition, the Centre now acts as a referral centre, meaning that other dentists and patients themselves can contact the practice directly to arrange for advice and treatment.
Kevin Higgins said: “We knew that the practice was in the right location and could see that it was ripe for development. We were also able to identify a range of services that weren’t being provided at the time.”
It also plans to start offering cosmetic treatments, such as injections to smooth out lines and wrinkles.
Higgins credits word of mouth referrals as a key part of the practice’s success. It has worked hard to become a key part of the local community with recent visits to local primary schools, nurseries and the Rotary Club to speak about dental health.
Now the practice has bought its building thanks to a Lloyds Bank business loan for an undisclosed amount.
Lloyds Bank Commercial Finance was also able to support the practice in its early days with a £47,000 hire purchase facility to buy a CT scanner, used to take x-rays for dental treatment.
With this funding facility the company was able to pay down the full amount over an agreed period to ensure its cashflow remains fluid.
Winter said: “It was important to us to own the building because it gives you more control over what you can do with it as well as more security.
“Lloyds Bank Commercial Banking had specific knowledge of the healthcare area and understood our story straight away. It offered really competitive rates and we struck up a really good relationship with the team.”
Stuart Harper, relationship manager at Lloyds Bank Commercial Banking, said: “Higgins & Winter Dental Practice has already proved itself to be a business with a great deal of growth potential, as well as being an asset to the community it serves. It was great to be able to provide Kevin and Richard with a facility which will give them a strong platform to keep growing.”
Keith Bowden, client manager from Lloyds Bank Commercial Finance, said: “Kevin and Richard have shown great foresight in taking on a business with great prospects and it has been really satisfying to watch them begin to achieve their full potential. The funding package we were able to provide has helped them give patients the best service possible and build their reputation further.”