Asking price
£200,113,987GBP
Vertically integrated full-arch dental implant provider with a proprietary AI treatment-planning and in-house fabrication platform. 11 clinics across England plus a national surgical hub. £24.8M FY26 revenue (+66% YoY), £5.5M EBITDA (22.2% margin). Profitable since inception, 100% patient cash upfront. Seeking growth capital for global licensing expansion.
**Full-Arch Dental Implant Rehabilitation** — a single, standardised clinical pathway: 1. **Assessment**: 3D CBCT, intra-oral & facial scans; AI designs the solution. No cost to patient yet. 2. **Commitment**: Patient proceeds and pays in full (£16,995 both jaws / £12,995 single jaw, plus £250 p.a. maintenance). This is the point of revenue recognition and cash receipt. 3. **Fabrication**: Design milled & 3D-printed in-house into a complete surgical kit (implants, guides, plan) — a "surgery in a box." 4. **Treatment**: Delivered in a single c.2-hour procedure; immediate fixed result, minimal follow-up. **Proprietary AI Platform** — plans full-arch cases and drives automated in-house fabrication of implants and prosthetics from medical-grade PMMA and titanium. CE-marked implant; patents submitted on screw-assembled prosthesis and design/AI software; FDA clearance in progress. 10,000+ implants placed, 2,500+ jaws treated to date. Sub-1% complication rate, 99% implant success. **International Licensing (Growth Engine)** — the AI platform will be licensed to accredited third-party dentists internationally on a per-case fee basis. Asset-light, high-margin (c.65% target EBITDA margin), scaling without building clinics. Dubai global HQ and flagship training clinic in progress; North American partner relationship in development. **Pricing Model**: Transparent cash-upfront pricing held flat at £16,995 for five years. 100% collected before treatment; debtors just 4.8% of revenue. Negative working capital — growth is cash-positive, not receivables-funded.
**Demand Engine**: A c.100k-member private patient Facebook community growing c.2,500/week, plus a 720k-subscriber YouTube channel, generate low-cost, qualified demand. A c.3-month surgical waiting list means chair capacity — not demand — is the constraint. **UK Market**: ONS 2023 data shows c.2.5% of UK adults are edentulous (lacking teeth) and c.12% have Stage 3 periodontal disease — a large, evidenced addressable pool. The business is the UK market leader in full-mouth implant rehabilitation. **Global Market**: WHO sizes the opportunity at 350m+ people with complete tooth loss worldwide (c.7% global prevalence) and 1bn+ with severe periodontal disease (c.19% of over-15s). Prevalence is highest in high-income markets (c.10.5% edentulism) — exactly the markets targeted first for licensing. **Customer Economics**: c.1,460 procedures at £16,995 in FY26; growth is volume-led, price held constant. Refund rate c.1% (discretionary, only for changed medical circumstances). Patients have no legal right of withdrawal once the solution is designed and paid for. **Concentration Risk**: Single treatment type, single market today — mitigated by UK market leadership, a large evidenced addressable pool, and the licensing platform which diversifies geography over time.
**Footprint**: 11 clinics across England plus a dedicated national surgical hub at Birchwood, Warrington (near Manchester Airport). The hub takes theoretical capacity to c.9,000 patients p.a. (c.£100m revenue capacity). £10.1m fixed assets across the estate. **Headcount**: c.140 staff. Clinicians employed directly (not contracted), reducing clinical risk. CQC-registered; GDC-regulated. **Build Economics**: Clinics leased and converted in <3 months; build-and-equip cost c.£350k per clinic, with management-reported payback within c.60 working days. **Cost Structure**: Materials 12% of revenue (FY26) — structurally low due to VAT exemption on implant imports (agreed with HMRC), owned-clinic premises (no FCA rents), and material utilisation at scale. People costs 34% of revenue (largest line, built ahead of growth). Property, G&A & IT largely fixed at c.£250k/month. **Capital Structure**: 100% founder-owned, no external equity ever raised. Existing long-term debt c.£11.8m (incl. HSBC facility, 10-year term maturing 2036) at c.7.9% implied rate. Total debt service c.£2.7m p.a. Net debt c.£7.7m at FY26 year-end. Gross debt/EBITDA 2.1x, net debt/EBITDA 1.4x, EBITDA/interest 6.1x. **Management**: Founder & CEO (pioneered full-mouth implant techniques in the UK from 1999, 12,500+ patients treated, 100% owner). Commercial/Finance Director (30-year corporate finance career). CTO (30-year technology and business-operations career). Establishing Dubai HQ to lead the international licensing phase.
**Global Licensing Platform** — the proprietary AI platform will be licensed to accredited dentists worldwide on a per-case fee basis. Asset-light, high-margin (c.65% target EBITDA margin). Management aim: c.US$1bn ARR from licensing, targeting just 1% of the world's ~2.5m dentists. **Regulatory Milestones**: FDA clearance in progress (gating step for US market entry). Patent applications in progress on screw-assembled prosthesis and design/AI software. CE mark already achieved. **International Infrastructure**: Dubai global HQ and flagship training-and-accreditation clinic in progress (founder relocating September 2026). North American partner relationship in development to seed US/Canada market. **UK Standalone Growth (Excluding Licensing)**: Management base case projects revenue growing from £27.6m (FY27) to £74.2m (FY31), with EBITDA rising from £5.9m to £30.9m and margins expanding from 21% to 42% — driven by converting the existing waiting list into treated patients and operating leverage on a largely fixed cost base. **Benchmark**: Align Technology (Invisalign) scaled an analogous "train-the-practitioner" licensing model from a c.$450m IPO on <$20m revenue (loss-making) to a business that peaked above $70bn. This business reaches a comparable technology inflection profitably and with materially less capital. **Capital Raise**: Seeking c.USD 40m+ growth capital (debt or debt & equity blend). 10-15% equity available at c.£200m pre-money valuation for the right partner.
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Asking price
£200,113,987GBP
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