Smiles eyes UK
publication date: Jun 21, 2011
Irish dental group, Smiles Dental are set to open in Belfast in Northern Ireland and plan to expand across into the UK. Having opened 15 centres in six years, Emmet O’Neill, its 32 year old co-founder says: “The UK model is to buy individual businesses on 4 times EBITDA, aggregate into a Group and suddenly you are valued at 8 times EBITDA. They rely on strong NHS cashflow. It creates no brand name. That looks vulnerable if funding changes as I expect it to in the medium term.” Smiles boasts a 92-95% load factor and charges 30% less for basic dentistry than the norm in Ireland. We find out how.
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