Bank Street Dental acquisition is first for Vermilion – Daily Business

All smiles: Alan O’Riordan and David Offord

Private clinic Vermilion has acquired Galashiels practice Bank Street Dental, its first acquisition since it was established in Edinburgh in 2011.

Vermilion has committed to retain the Bank Street Dental name, which has existed for more than 100 years and has become the largest NHS dental practice in the Scottish Borders.

Five clinicians and eight support staff, led by Dr Greg Canning, will also continue to serve more than 10,500 registered patients.

International accountancy and business advisory group Azets provided tax and financial due diligence services for the acquisition.

Vermilion founder, practice principal and oral surgery specialist Dr David Offord said: “We wanted a large general practice for two reasons – to support our Kelso referral clinic and to further enhance NHS dental practice provision in the Borders.

“This is a landmark moment for us. For the first time we have control over the referral pathway. Up to now we have been reliant on dentists choosing us to refer patients. Now we have a unique solution to influence referral patterns.”

The deal is in contrast to a number of dental practice acquisitions in Scotland in recent years involving buyers that are private equity-backed corporate chains.

Dr Offord said: “For a rural practice in the Borders to be acquired by a fellow practice rather than a large corporate body is a point that offers reassurance to patients.

“The NHS is secure on our watch and indeed there is scope for the practice to grow in terms of NHS provision in Galashiels. It’s an exciting new chapter for both Vermilion and Bank Street Dental and good news for people in the Borders.”

Alan O’Riordan, Edinburgh-based corporate finance partner, led the Azets team on the deal, with legal advice from MBM Commercial.

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