Specialist business property advisor, Christie & Co, has announced the sale of a pair of large, mixed-income dental practice in the North West; Hoghton Street Dental Practice in Southport, Merseyside, and Hesketh Lane Dental Practice in Tarleton, Lancashire.
Together, the practices share quite a history, along with an excellent clinical reputation for providing high-quality patient care. Hoghton Street Dental Practice was established in 1886, making it one of the longest operating dental practices in the country. Located in the heart of the seaside town of Southport, the impressive Grade II listed Victorian property boasts 10 modern surgeries and has had significant investment in recent years.
Hesketh Lane Dental Practice opened its doors almost a century later and has been providing dental care in the affluent village of Tarleton for over 40 years. In 2005, due to high patient demand, the practice underwent re-development, with a large extension creating a much needed fifth surgery and re-designed waiting room.
Principals, Dr. Peter Equizi and Dr. Colin Farrington, became partners of the business in 1997 and 2003 respectively, and, having worked together for over 20 years, recently decided to take a step back and retire from practice ownership.
Christie & Co brought the practices to the market on a confidential basis, attracting a substantial amount of interest. Following the launch, around 20 enquires were received from interested parties, resulting in an extremely competitive closing date, with no less than eight quality offers submitted. The principals decided to accept an offer from The Dental Team group, a Manchester-based multi-practice operator.
Dr. Peter Equizi comments, “When Colin and I bought out the previous partners, we heavily invested and improved the practice – overseeing the full digitalization of both sites which grew the business exponentially. When we made the decision to sell, we interviewed three brokers and chose Christie & Co based on their professionalism and standing in the market. We are pleased to have sold the practices to a group passionate to build on our hard work, whilst respecting the existing team. Colin and I have always worked closely together and no less in the sale of our practices, celebrating the end of a great business partnership”
A spokesperson from The Dental Team comments, “We are delighted to welcome on board two reputable practices steeped in such history. It was a fantastic and professional process from start to finish from the team at Christie & Co, who ensured a seamless process and successful completion.”
Jonathan Watson, Director – Medical at Christie & Co, and Paul Graham, Head of Dental at Christie & Co, who handled the sale, comment, respectively, “We are delighted to have concluded a fantastic deal for Peter and Colin who, along with practice manager Janet, have built up a quite phenomenal dental group over the last 25 years. It was great to work with The Dental Team group who will ensure the strong core values at Hoghton and Hesketh are continued for years to come.
“This is the latest example of the significant demand for well-located mixed practices from independent operators. It has never been more important for practice owners to explore all options through open marketing, rather than selling direct to a small number of high street names.”
Hoghton Street Dental Practice and Hesketh Lane Dental Practice were sold for an undisclosed price.