Specialist business property adviser, Christie & Co, has promoted Joel Mannix to the coveted position of Head of Dental for the UK.

Originally from rural Australia, Joel Mannix relocated to Scotland in 2013 and started a career at Christie & Co in 2018. Since then, Joel has sold practices across the length and breadth of Scotland and Northern Ireland, from single asset sales to larger group transactions, and has been involved in some of the landmark sales within the dental sector.

In his new role, Joel will spearhead the brokerage side of the business, leading an award-winning UK-wide team of dental business advisors.

The position was previously held by Paul Graham who was promoted to Managing Director of the company’s medical division in January 2024.

Joel Mannix, Head of Dental at Christie & Co, comments, “I’m excited to take on the role of Head of Dental at what is a pivotal time in UK dentistry – a year of balanced growth and stability that will continue to prove the resilience of this needs-based sector.

“It’s an honour to take on this position following on from Paul Graham who, over the last decade, alongside Simon Hughes, has done a phenomenal job at establishing what is now a core sector at Christie & Co. I’m so proud to be part of this fantastic, award-winning team, and I look forward to enhancing its profile and implementing my vision for success in 2024 and beyond.”

Paul Graham, Managing Director – Medical at Christie & Co, comments, “Joel’s promotion to Head of Dental is a testament to his exceptional management qualities, profound understanding of the dental market, and the significant contributions he has made to our team. Joel is a charismatic and well-liked individual, and his appointment will undoubtedly lead our dental team to new heights.”

Specialist business property adviser, Christie & Co, has announced the sale of Gold’s Place Dental Practice in Cullompton, Devon.

Gold’s Place is a high-quality single-surgery, predominantly private dental practice that offers a range of dental treatments, including general dentistry, whitening, veneers, implants, periodontal, and endodontics. The practice is situated in the market town of Cullompton, Devon, just under 12 miles northeast of Exeter and a little over 18 miles southwest of Taunton.

It has been owned by Dr Olga Palmer since 2008 and was brought to market so that she could reduce her working hours and focus solely on clinical work.  

Following a confidential sales process with Jamie Williams at Christie & Co, the practice has been purchased by Dr Robert Glenning and Dr Andy Rochester of Devon-based, Peninsula Dental Ltd, which trades as Unity Dental Group. They plan to expand to three surgeries this year, with a fourth also in the pipeline.

Dr Olga Palmer, former owner of Gold’s Place Dental Practice, comments, “I am very pleased about joining the co-operative group of dentists in South Devon called Unity Dental Group. I am looking forward to the exciting future ahead working alongside these experienced professionals providing the highest standard of dental care.”

Dr Rob Glenning, new owner of Gold’s Place Dental Practice, comments, “We are delighted that Gold’s Place Dental Practice has joined our existing co-operative of practices in Devon. We are especially pleased to confirm that Dr Olga Palmer and her nurse Janis are staying on to help look after the existing patients and welcome new ones, too. In the coming months, we will have new team members joining Gold’s to ensure we can look after as many patients as possible.”

Jamie Williams, Associate Director – Dental at Christie & Co, comments, “It was great to have worked with Peninsula Dental Limited on another deal and I’m delighted at the outcome for my client.

“The independent dental market in the southwest continues to thrive, and there are a variety of active buyers in the region, with all practice types in demand.”

Gold’s Place Dental Practice was sold for an undisclosed price.

Specialist business property adviser, Christie & Co, has announced the appointment of Associate Director, Oliver Potts, to its medical valuation services team.

Oliver Potts, who has worked as a qualified MRICS member and RICS-registered valuer for over eight years and also as an APC Assessor, joins the company with a wealth of experience.

In his new role, Oliver will work as part of Christie & Co’s esteemed medical valuation services team, where he will take on valuations of pharmacies, dental businesses, GP surgeries and veterinary practices, predominantly in the North West.

Oliver Potts, Associate Director – Medical Valuation Services at Christie & Co, comments, “I am very happy to have joined the Medical Valuation Services division at Christie & Co – the team has a stellar track record for being the market leader for specialist valuation projects in the UK. I look forward to building on my previous valuation experience through the expansion of the company’s brand into the North West and taking on a variety of interesting medical valuation projects.”

Christopher Vowles, Head of Medical Valuation Services at Christie & Co, comments, “Oliver will be a great asset to the medical valuation team, and he brings with him a wealth of experience and contacts across the region.”

Specialist business property adviser, Christie & Co, has announced the sale of Hurst Park Dental Practice in Cambridge.

Hurst Park is an exceptional private dental practice with five fully-equipped surgeries and an excellent clinical reputation. It occupies an ideal location in the beautiful city of Cambridge in East Anglia.

The business has been owned by Dr Stephen Nicoll since the early 1990s and was brought to market to allow him to prepare for retirement.

Following a confidential sales process with Tom Morley at Christie & Co, the practice has partnered with PortmanDentex.

Chris Lekkas, Partnership & Acquisition Manager at PortmanDentex, comments, “We are very pleased to have Dr Stephen Nicoll and his highly skilled team join the PortmanDentex Group. Offering general, high-end private dentistry and implants, this practice has an outstanding clinical reputation. It is a true gem that our teams are raring to support.”

Tom Morley, Associate Director – Dental at Christie & Co, comments, “I was delighted to act on behalf of Steve Nicoll in relation to his sale of Hurst Park which is a fantastic acquisition for the PortmanDentex group. I would also like to thank Alex Hall at Knights who acted for the seller and Jonathan Steele at Stevens Bolton who acted for the buyer.”

Hurst Park Dental Practice was sold for an undisclosed price.

Specialist business property adviser, Christie & Co, has announced the sale of Thornhill Dental Surgery in Bournemouth, Dorset.

Established over 50 years ago, Thornhill Dental Surgery is a reputable, single-surgery practice that began as an NHS practice but converted to private in 2006. It is conveniently located in a popular residential area, close to the centre of Bournemouth on Castle Lane West.

The practice has been owned by Paul Thornhill since 1990 and was recently brought to market to allow him to pursue a well-earned retirement.

Following a confidential sales process with Jamie Williams at Christie & Co, it has been purchased by first-time buyer, Dr Rasoul Najafi Asl, who is currently working as an Associate at two nearby practices.

Paul Thornhill, former owner of Thornhill Dental Surgery, comments, “Having run the practice for 33 years, I feel the time is right to retire and take life easier. I am leaving the practice in the capable hands of Mr Rasoul Najafi Asl who, I am sure, will continue to maintain or even improve the high standards we have tried to achieve. I would like to thank Gilly, my nurse, for all her efforts and wish her and Rasoul all the best for the future. Thank you, also, to all our patients for their understanding during this transition, I am sure they will be happy with the changes Rasoul will bring to the practice.”

Dr Rasoul Najafi Asl, new owner of Thornhill Dental Surgery, comments, “Having worked as an Associate for some time, I’ve gained some valuable experience, but I’m now ready to step into practice ownership and I couldn’t be happier that my journey starts with Thornhill Dental Surgery. It sits in a great location and has strong potential for growth which makes it exciting. Going forward, I will look to continue the excellent work of the previous Principal, Paul, and to introduce implants and expand the practice.”

Jamie Williams, Associate Director – Dental at Christie & Co, comments, “Thornhill Dental Practice was a popular opportunity in the market, resulting in seven viewings and seven offers during a confidential marketing campaign. Collaborating with Russ and Paul during the sale was a pleasure, and we extend our best wishes to them for the future.

“The dental market in the south faces an imbalance, with a surplus of buyers compared to available practices for sale.”

Thornhill Dental Surgery was sold for an undisclosed price.

Specialist business property adviser, Christie & Co, has announced the sale of 92 Dental in Hammersmith, West London, on behalf of Dr Boryana Nikolova. Established in 1985, 92 Dental is a fully private, four-surgery practice that provides a broad range of specialist, cosmetic, preventive, and general dental treatments.

The practice was originally located at 92 King Street in Hammersmith – this is where the name derived from – and was relocated to its current position in 2012, whereby it occupies the ground and first floors of a commercial, mews-style property that was thoughtfully redesigned to house this modern dental clinic. Its design optimises the layout and flow within the practice while providing a welcoming, comfortable environment for attending patients.

Boryana took ownership of the business in February 2019, having formerly been an Associate of the practice. During her tenure of ownership, Boryana very successfully grew and developed the business and increased its focus management and strategy, the patient experience, and the development of the staff and clinical team.

With growing family commitments, Boryana felt the time was right to pass on the baton of ownership, allowing the practice’s next chapter to be written. There remains significant scope to build upon the established income and prospects for the introduction of additional and enhanced clinical services going forward.

Following a confidential sales process with Steve Darbon at Christie & Co, the practice has been acquired by first-time buyer, Dr Moira Baldiraghi. Much like Boryana, Moira too has also been an Associate at the practice in prior years, so is already well-known to Boryana, the staff, clinicians, and patients. Boryana will remain at the practice in a clinical capacity for a period post-sale, to assist in the smooth transition of ownership.

Dr Boryana Nikolova, former owner of 92 Dental, comments, “I am thrilled to have concluded a successful sale of the practice to Moira. Having committed myself over the years to the ongoing growth of the business, ensuring that patient needs are met as well as nurturing staff, developing clinicians, and enhancing clinical services, there can be no doubt that it is a huge step for me to hand over the reins of ownership. However, I am delighted to be doing so to Moira, who I know is aligned with the ongoing success of the business and the commitment that the whole team here at 92 Dental continues to provide. It is a great place to work, and I very much look forward to seeing the future success of the practice under Moira’s ownership.”

Steve Darbon, Director – Dental at Christie & Co, comments, “It has been an absolute pleasure to work with Boryana in the sale of this exceptional, private practice in Hammersmith. It was a key remit to identify a like-minded new owner, who shared the vision for the future opportunity of the practice, and who would also recognise and maintain the solid foundations, success and ethos, upon which the business is founded and that Boryana has so successfully developed. I am delighted that we delivered upon that objective, and in helping to pass on the baton of ownership. I wish Boryana all the very best, and Moira every success in her future ownership.”

Carter Bond and Hive Business represented the seller, and Abrahams Dresden and DK Kumar -Accountancy Solutions represented the buyer, in their respective legal and financial capacities.

92 Dental was sold for an undisclosed price.

Specialist business property adviser, Christie & Co, has announced the sale of Corra Linn House Dental Practice in Stockport, Greater Manchester.

Corra Linn House is a profitable, five-surgery, mixed-income practice ideally located on the A6 Buxton Road in Stockport. The business operates from a large, commanding character property with Tudor-style décor and stained-glass windows.

The practice has been owned by Dr Johann Joubert for more than 13 years and was brought to market to allow him to scale down his business responsibilities.

Following a confidential sales process with Jonathan Watson at Christie & Co, and with funding sourced through Becki Barnett at Christie Finance, the practice has been purchased by expanding operators, Atif Aftab and Abrahem Malik, who already own multiple practices across the North West.

Dr Johann Joubert, former owner of Corra Linn House Dental Practice, comments, “I acquired the practice in 2010 and saw great potential, slowly building it up from a two-dentist operation to the busy five-chair practice it is today. I believe the practice name originated from the person who built the property, who came from a town near the Corra Linn waterfall in Scotland – this will have been the inspiration behind the stained-glass artwork which remains in the practice to this day. I brought the practice to the market last year and was delighted with the outcome – I wish the buyers well in the future.”

Jonathan Watson, Director – Dental at Christie & Co, comments, “We have been working with Dr Joubert for some eight years, having helped him acquire another practice in the region, so I was delighted we were able to conclude a sale for him here. We were encouraged by the significant interest shown in the practice at a time when there are challenges in the industry, particularly in recruitment. Clearly, the market for long-established, well-located mixed practices is still extremely buoyant.”

Corra Linn House Dental Practice was sold for an undisclosed price.

Specialist business property adviser, Christie & Co, has announced the sale of Anniesland Cross Dental located in Glasgow’s West End.

Established over 70 years ago, Anniesland Cross Dental is a successful, mixed-income dental practice with one fully equipped surgery and circa 3,300 registered patients.

The practice has been owned by Jason Fisher since 1998 and was brought to market to allow him to retire.

Following a confidential sales process with Joel Mannix at Christie & Co, it has been purchased by Alexander Jeffcoate who owns one other practice in Glasgow.

Jason Fisher, former owner of Anniesland Cross Dental, comments, “I was a single-handed practitioner for 26 years and decided that it was time to take things easier. Joel found me the perfect buyer who has already been a huge hit with the patients and the staff. He already has ambitious plans for the practice, and I am certain he will make a huge success of it.”

Alexander Jeffcoate, new owner of Anniesland Cross Dental, comments, “I bought my first dental practice, Dalmuir Dental Care now Vanguard Dental Dalmuir, in September 2022 and have since enjoyed the challenge of running the business alongside working as a dentist.

“I decided to buy Anniesland Cross Dental as it presented a great opportunity to acquire a busy dental practice in a great location. The practice is longstanding and has a good reputation locally with many of the patients. The practice currently has one surgery, however there is space to increase the number of surgeries within the existing building footprint. I plan to renovate the practice to create a clean and modern clinical practice and provide a comfortable and relaxing environment for our patients. The increased surgery numbers and renovation will allow the practice to register more NHS patients and continue to deliver the highest standard of care.”

Joel Mannix, Associate Director – Dental at Christie & Co, comments, “Following 26 years of successful ownership, it was a hard decision for Jason to bring Anniesland Cross Dental to market. However, through a meticulous, confidential sales process, we identified the perfect buyer in Alexander, and I’m sure that he will take the practice to further success and continue the good reputation that Jason has established over the decades.

“We continue to sell the majority of practices in Scotland to independent buyers, and this deal is no exception. We expect this trend to carry on well into 2024.”

Anniesland Cross Dental was sold for an undisclosed price.

Specialist business property adviser, Christie & Co, has today launched its Business Outlook 2024 report which reflects on the themes, activity and challenges of 2023 and forecasts what 2024 might bring across the industries in which Christie & Co operates in, including in the dental sector.

Overview

The dental industry, like many sectors, has faced its share of challenges due to cost inflation and rising interest rates. Before the mini-budget announcement in September 2022, the industry was already adapting to less predictable market conditions. Despite these hurdles, including ongoing workforce issues particularly within NHS dentistry, Christie & Co maintains a positive long-term outlook for the dental market.

In 2022, the dental sector experienced robust transaction activity, largely fuelled by corporate buyers committed to acquisitions. However, the swift escalation in interest rates, soaring operational costs, and staffing difficulties led many corporate entities to halt their acquisition strategies in early 2023. This shift resulted in a notable decrease in transaction volumes as companies shifted their focus towards organic growth over acquisitions. During this period of change, Christie & Co reported a 9.8 per cent decrease in transaction completions.

In contrast, the independent dental market saw a resurgence in the latter half of 2023. With reduced competition from corporate buyers, there was a significant uptick in transactions involving first-time buyers, current owners, or smaller independent groups, accounting for 69 per cent of deals. This revival was partly driven by Christie & Co introducing 45 practices to the market on behalf of BUPA earlier in the year, leading to a 150 per cent increase in agreed transactions. This surge in the independent sector also led to practices achieving, on average, 113 per cent of their asking price in 2023. Furthermore, the number of offers received increased on the prior year by over 80 per cent, with an average of 4.4 offers per sale, nearly double that of 2022.

The latter half of 2023 also saw an improved influx of new practices entering the market. Looking forward, Christie & Co is optimistic about a return to more stable trading conditions in 2024 as this trend continues.

Market Sentiment

As part of its annual sentiment survey, the company surveyed dental professionals across the country to gather their views on the year ahead. Encouragingly, 68 per cent of people said that they are positive about the year ahead – a 20 per cent rise on survey figures reported in the previous year – while just 9 per cent feel negative. When asked about their sale and acquisition plans in 2024, 64 per cent said they are planning to either buy or sell this year.

Pricing

Reverberations since the mini-budget in September 2022, including the ongoing workforce challenges collectively instigated a strategic reassessment amongst buyers in the dental sector, particularly the dental corporates. Consequently, many chose to moderate or temporarily suspend their acquisition plans, a sharp contrast to their aggressive growth in 2022. As a result, Christie & Co saw a 6.4 per cent decrease in pricing in 2023, with the market subsequently undergoing a constructive and healthy recalibration. Christie & Co confirms that stability has been restored in pricing, signalling a new phase of equilibrium and resilience.

Key Themes

Christie & Co identifies the key themes influencing the sector, including economic pressures, workforce/recruitment, and rising operational costs. More insight into these themes can be found in the report.

Market Predictions

In 2024, Christie & Co expects:

• The transactional volume within the market to rebound. However, it’s anticipated that these levels will still fall short of the peak witnessed in 2022. This forecast suggests a gradual recovery and stabilisation of market activity, moving towards a more sustainable pace in comparison to the heights reached during the market’s zenith. 
• M&A activity from corporate operators will reflect a strategic recalibration, with these entities showing restraint in their investment choices and a heightened focus on long-term value over immediate expansion.  
• During a period where corporate entities are exercising enhanced selectivity in their acquisitions, experienced multi-site independent operators and first-time buyers are poised to capitalise on this opportunity. This scenario presents a prime opportunity for these operators and newcomers to expand their foothold in the market and establish a stronger presence. 
• Some group operators will continue with strategic plans to review and divest underperforming or non-core sites, reflecting a focused effort to streamline their operations and enhance overall efficiency. 

​Paul Graham, Managing Director – Medical at Christie & Co, comments, “In a landscape reshaped by economic shifts, the dental sector emerges resilient and ready for transformation. Christie & Co’s latest report captures this pivotal moment, forecasting a 2024 marked by strategic recalibration. This year is set to be a period of balanced growth, stability, and an air of optimism that permeates the sector.

The report also includes commentary from Christie Finance on the finance landscape in the sector, Christie Insurance on the insurance market, insights on bank and business recovery, a broader business market overview from the company’s Global Managing Director, and a video interview between Jason Wong (Interim CDO England) and Paul Graham (Managing Director – Medical, Christie & Co).

For the full Business Outlook 2024 report, visit: https://www.christie.com/news-resources/business-outlook/2024/

Specialist business property adviser, Christie & Co, has promoted Paul Graham to the position of Managing Director – Medical.

Paul joined Christie & Co’s Corporate Medical team in 2014. He was made Director in 2017 and was later appointed as Head of Dental in the UK, leading an expanding multi-disciplinary team of agents and advisors across the country, spearheading the brokerage side of the dental business, and driving significant high-profile transactions, including Queensway Group’s partnership with Dentex and a recent large portfolio of BUPA divestments.

In Paul’s new position, he will oversee the entirety of Christie & Co’s medical services offering – from brokerage to valuation – which includes key sectors such as dentistry, pharmacy, General Practice, and veterinary services.

The role was previously held by Simon Hughes, who led the company’s expansion into pharmacy, dentistry, GP surgeries and other ‘white coat’ sectors in 2013. Simon now moves into the role of Commercial Director, where he will help develop and improve key business areas.

Darren Bond, Global Managing Director at Christie & Co, comments, “Huge congratulations to Paul on this senior appointment. Our Medical team has been market-leading with its dental and pharmacy activity in recent years, and I have every confidence that the business will continue to increase its market share under Paul’s leadership. I’d also like to thank Simon for establishing such an incredible team over the last 10 years and I look forward to working together with him in his new strategic role.”

Paul Graham, Managing Director – Medical at Christie & Co, comments, “I am delighted to be appointed to this position. I have had the distinct privilege of working closely with Simon, witnessing firsthand the remarkable impact he has made in our Medical sector, and I’m deeply grateful for his contributions and stewardship. Our team’s success has been immense and is a testament to the amazing efforts and expertise of the colleagues within – for this, I am incredibly grateful. I also want to express my sincere appreciation to our valued clients, as your steadfast support has been a cornerstone of our progress. My commitment to our business spans across Dental, Pharmacy, and Medical Valuations, and, as I embark on this new chapter, I am energised to drive continued development and growth in our Medical sector, building on our strong heritage.”