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GP opts for Wesleyan’s superior service to fund medical practice buy-in

GP opts for Wesleyan’s superior service to fund medical practice buy-in

Eden Court Medical Practice set to expand and improve clinical services to patients.

The business

Dr Naresh Aggarwal was invited to become a partner at Eden Court Medical Practice following the retirement of another doctor in April 2015. Eden Court is a thriving local NHS GP surgery situated in Castle Vale, Birmingham which has recently offered appointments on Saturday mornings on a trial basis to fulfil patient demand.

For Dr Aggarwal, at just 30 years old, the chance to join the three other existing partners was too good to miss. "At the time I had only been a qualified GP for 18 months so I was afforded a rare opportunity to buy into a successful practice. My personal life was very stable and I was therefore happy to commit my future to Eden Court as I was already familiar with the working environment having joined there initially as a trainee," he explains.

The challenge

Dr Aggarwal initially approached a couple of high street banks but found his experience a frustrating one of cat and mouse.  It was never possible to speak to the same advisor twice over the telephone and each bank was insistent that he had to arrange an appointment to visit a local branch on a specific date which was not always convenient given his hectic daily schedule. 

Having recalled a presentation he had received while studying at medical school, Dr Aggarwal decided to contact Wesleyan in April 2015 and was met with a different approach.

"I received a response from Wesleyan within 24 hours of emailing them and was given one point of contact throughout the process. Communications and queries were handled swiftly and professionally, often outside of regular working hours, which was a welcome contrast from me having to chase the banks and seemingly start from scratch every time.

"Not only was Wesleyan's service extremely efficient, what really set them apart was the depth of knowledge possessed by my Commercial Account Manager. He really seemed to want my business and I felt immediately reassured by his expertise and down-to-earth approach," comments Dr Aggarwal.

The solution

Wesleyan Bank is a specialist in providing GPs tailored solutions to cover the costs of buying into a medical practice.

Dr Aggarwal was initially looking to borrow £54,000 but was advised that a quicker, easier and more cost effective way to finance his private equity buy-in could be achieved by borrowing less money. By securing a partner equity loan for £50,000 over ten years, Wesleyan ensured that Dr Aggarwal did not have to wait for a valuation to be carried out of the Eden Court practice or pay associated legal fees and submit time-consuming documentation for review.

The loan was unsecured and was on a fixed capital and interest basis in order to keep the monthly repayments constant.

"Wesleyan was the only company willing to suggest an alternative approach that actually benefited me and took the time to clearly explain why I would be better off borrowing £50,000 as a partner equity loan. I really appreciated the honest advice of my Commercial Account Manager who made the whole process hassle free by outlining the documentation I needed to gather in one simple checklist. The drawdown was timed exactly as I needed it to be," says Dr Aggarwal.

The results and benefits

Dr Aggarwal and his fellow partners have ambitious plans to expand the practice by building new consulting rooms and a large waiting area to improve services to patients. The planned refurbishments are likely to involve a remortgage of almost £1 million and Wesleyan has been approached about providing the necessary funds to cover expenditure.

"I wouldn't be where I am today if it wasn't for Wesleyan and I can't recommend the level of service I received highly enough. As a young GP I have gained the assurance of job security and can have a proactive say in how the practice is run, from providing additional services to staff recruitment."

"As a result Wesleyan was my first port of call when discussing the possibilities of them helping to finance our extension to add more clinical space in order to further improve services to our patients," he adds.

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'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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