For practice buyers
Most first-time practice buyers find a practice they like, fall in love with the building, and skim the financial diligence. We are the second opinion that catches the things that turn into problems six months in. EBITDA normalisation, NHS contract review, associate agreement risk, goodwill split, tax structure.
The questions and concerns that come up most often in a first conversation.
Sellers normalise their accounts before listing. Sometimes the normalisation is reasonable; sometimes it is generous. We unwind the adjustments and rebuild the realistic post-acquisition P&L from the perspective of you as the new owner.
EBITDA multiples in UK dental in 2025/26 range roughly 0.6x for NHS-heavy single-handed practices in low-demand regions to 1.4x+ for private-focused multi-surgery in prime locations. Corporate buyers benchmark differently again. We give you a defensible position.
NHS contract novation depends on the commissioner. Some contracts are clean novations; others require new contract negotiation that can change UDA value. We read the contract documentation and the recent commissioner correspondence before you complete.
Specialist dental lenders typically offer 70-90% loan-to-value on practice goodwill+assets, with 10-15 year terms. Some require a deposit you can fund personally. Others stretch on associate income. We model the cash flow against the loan repayment to confirm the deal services itself.
Most UK dental sales settle as asset sales. The buyer takes goodwill plus specific assets; the seller's company is left behind. Share sales transfer the company as-is, including any hidden liabilities. We model both and tell you which the seller will accept.
Depends on whether you are buying as an individual via asset sale (often yes, then incorporate later or simultaneously), via a newly-formed limited company (typical and straightforward), or by share sale (acquire the seller's existing company). We model each route.
We review the seller's last 3 years of accounts, latest management accounts, payroll, associate agreements and NHS contract documentation. We produce a normalised EBITDA and a recommended offer range with reasoning.
We read the GDS/PDS/ODS contract, the most recent UDA reconciliation, and any variation letters. If the contract is moving in a way that changes value (reform proposals, commissioner reorganisation, performance band review), we flag it.
Buying personally vs via a new Ltd vs via a partnership / LLP, asset sale vs share sale, SDLT planning on the premises if freehold, VAT recovery on capital expenditure. We model the tax cost of each route alongside the financial DD.
Projected P&L for the first three years under your ownership, loan repayment schedule, working capital requirement, downside scenarios (NHS contract reform, associate departure). Built so the lender's offer and your personal expectations both stand up.
After completion we set up the bookkeeping system, payroll scheme, NHS Pension arrangements, and capital allowance claims including the Section 198 fixtures election. We then run management accounts monthly so you see how the practice is actually performing vs the projection.
Free 10-minute practice health check
30-minute scoping call about the practice you are looking at. We will tell you what we would dig into in DD and whether the asking price looks defensible.
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Pillar guide
Three-year accounts review, EBITDA normalisation, associate agreement risk, NHS contract review.
Pillar guide
Methodology, regional multiples, BADR + Section 162 implications.
Pillar guide
Buy-side and sell-side valuation work, ongoing through-deal support.