Lawyers at the Bristol commercial law firm Meade King have completed the sale or purchase of their 300th dental practice.
The firm, which is nationally recognised for the high quality commercial and regulatory advice it provides to dentists, is currently advising on a further 89 dental business deals.
Meade King has seen a big increase in the value of dental practices during the last few years, particularly in the South West. The average dental practice value in 2012/13 was £506,959 but that has risen each year to more than £1.1m over the last 12 months.
Only 8% of the practices Meade King helped to sell or buy in 2012/13 had a price tag in excess of £1m. That figure has increased to 44% during the last year.
Transactions handled by Meade King range in value from £40,000 – for a small, private, part-time single surgery practice – to £5m for a 14 surgery mixed specialist practice in Hampshire.
Meade King, which advises a wide range of commercial organisations including care homes, pharmacies, GP surgeries and technology businesses, says a substantial proportion of its dental deal activity has been in the South West region.
These include a number of practices bought and sold in and around Bristol including in Old Market, Clifton, Bishopsworth and the city centre, as well as dental surgeries further afield in Thornbury, Portishead, Clevedon, Weston-Super-Mare, Shepton Mallet, Bath and Stroud.
Meade King Partner Alex Hall, who is head of dental in the firm’s company and commercial team, said: “Over the last five years the value of dental practices has increased year on year and there are a number of factors driving this.
“An ageing section of dental practice owners are pleased to find out that their business is a valuable asset that can be sold and contribute to their retirement finances, and there is a good supply of entrepreneurial young dentists whose ambition is to own their own practice or even a chain of practices. And in terms of funding, the banks have generally been willing to support dentists in such acquisitions despite the recession and fears over Brexit.”