Our latest research shows that the income of the dentist's profession in the UK has risen by more than a fifth since 2010, as practices benefit from the investments they have made in cosmetic dentistry services and equipment.
The UK's 100 biggest dentistry businesses recorded a turnover of £945 million in 2014, a rise of 22% on 2010, and up 5% in the last year.
Increased demand for a range of cosmetic procedures, many of which require specialist equipment, has been a key driver of the growth. More and more consumers are choosing to undergo innovative treatments such as laser whitening, computerised smile analysis and Invisalign straightening.
There has also been a wave of consolidation in the sector in recent years, with some large private equity-backed dental groups growing significantly. Some now operate more than 400 practices, many of which have benefitted from significant investment in their equipment and environment since their takeover.
Our Managing Director, Peter Alderson, says "Many independent dentists could benefit from continued capital investment in their practices, as more UK consumers show they are willing to pay for more advanced cosmetic procedures, private clinic style environments and enhanced services such as online booking and text message reminders."
To do this dentists need a stable form of finance to fund the type of apparatus and environment that brings in clients. For those looking to invest, leasing can allow them to get the equipment they need immediately, and spread the cost over a period of years. That flexibility can help them win customers in what has become a competitive market.
Here at LDF we are aiming to increase the amount of funding we provide to dentists through asset finance. We have recently worked with practices throughout the UK to fund their plans for growth. We are able to fund a broad spectrum of capital expenditures, including a range of specialist dental equipment, furnishings and IT systems.