150 staff from dental practice group, Centre For Dentistry Ltd have seen their jobs safeguarded with the sale of 15 practices to individual dentist buyers.
Despite a strong private patient base, the onset of Covid-19 meant the business was no longer viable and Neil Vinnicombe and Simon Haskew of Begbies Traynor’s Bath office were appointed as joint administrators on 3rd June. Their work with the landlord and the associate buyers meant that the practices were transacted within a month with legal support from Osborne Clarke in Bristol.
Commenting on the news, Neil Vinnicombe, partner at Begbies Traynor in Bath said: “This is a fantastic result that will not only preserve employment for the majority of the workforce but also provide continuity of care to the practices’ significant patient base, which has been built up over the past decade. It will also maximise the outcome for the creditors and provide new tenants for the landlord.
“It is particularly heartening to achieve a sale in the current economic climate when mass redundancies and business closures are being made. Thanks to the collaboration of all parties, these established practices now have the opportunity to thrive under new management.”
Lisa Riley CEO of Centre for Dentistry added: “We would not have been able to complete the sales without the work of the administrators. Their ability to cut through issues we were facing with the landlord and focus on the timetable necessary to protect staff and patients was hugely effective.
“While it is sad to see the Centre for Dentistry journey come to an end, having built a strong private patient base, it is heartening to see our associates become business owners and benefit from the work they have put into building their own practices.”