A Yorkshire dental group has acquired a new surgery in Harrogate and is expanding three practices within its portfolio as part of a £2m expansion supported by Lloyds Bank Commercial Banking.
Target Dental is set to create 20 jobs as part of its growth drive, which is expected to boost revenues by 43 per cent. Lloyds Bank provided an additional £1 million loan to support the firm’s expansion and will support the firm this year as new business opportunities present themselves.
Target Dental Group has acquired Starbeck Dental Centre in Harrogate, which becomes the business’s sixth site. Currently, the site is undergoing modernisation and rebranding works, and remains open during the refurbishment.
Meanwhile, the Group is investing significantly to expand three other practices in its portfolio.
Yeadon Dental Centre will be moving into new premises on the High Street, Yeadon, following the planned conversion of a vacant unit, which will house four dental rooms in total – two more than its previous site in the area. In addition, five more dental rooms are being added between Otley Dental Centre, which is expanding into a neighbouring Grade II listed building, and Acorn Dental Centre in Ilkley.
Founded by dentists Mike Brown and Alex Renshaw in 2008, Target Dental employs more than 90 people across West and North Yorkshire. The company has more than doubled in size since 2016 following a string of acquisitions.
Mike Brown, director at Target Dental, said: “We’re building a group of practices that deliver exceptional healthcare to Yorkshire residents with the help of our talented, hardworking staff.
“We’re always on the lookout for like-minded firms that share our vision of a professional team delivering unrivalled customer service and care – helping Yorkshire smile. Since switching to Lloyds Bank in 2016, the team has been by our side as we’ve enhanced our portfolio of practices. We’re looking forward to working together as we continue to grow in the years to come.”
Lara Berry, relationship manager at Lloyds Bank, said: “The success of Target Dental really illustrates the positive outlook across the dentalcare sector. As revealed by our latest Healthcare Confidence Index, three quarters of dentists are forecasting growing profits, with one in five planning to grow through buying or setting up additional units.
“Mike and Alex are experienced dentists with complementary business skills. Their patient-first approach to dentistry has been key to the firm’s success over the last decade. We’re proud to be by the side of ambitious businesses like this as part of our helping Britain prosper plan.”