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Wesleyan Bank and Practice Plan enable Southcot Dental to build for the future

Wesleyan Bank and Practice Plan enable Southcot Dental to build for the future


The business


Generations of families have been visiting Southcot Dental since it was established 34 years ago which has helped to create a real community spirit in the local area where the practice resides in Aylesbury, Kent.

Co-practice owners Braham Durov and Tim Wakerley, along with their experienced and dedicated staff, ensure Southcot provides the highest standards of dental care to over 4,000 patients. Collectively, they also take pride in keeping abreast of advancements in the industry by continuing their professional development.

Braham Durov, celebrated his 60th birthday in April 2017. He studied at the London Hospital Medical College Dental School and opened Southcot Dental in 1983, specialising in all aspects of general dentistry with a particular interest in facial aesthetics. Tim Wakerley qualified from Guy's Hospital School and joined Southcot in 1985 and later became a partner. Like Braham, he is skilled in all areas of dentistry but is especially proficient in treating and reassuring nervous patients.

The challenge

Managing greater expectations from patients and evolving legislation means it is often necessary for dental practices to invest in specialist equipment to modernise their existing premises and remain ahead of their competition. In 2016, Tim and Braham decided to make refurbishment improvements to the practice building and update the toilet facilities. They also wanted to create a downstairs administration office.

"The main priority is to ensure the dental practice continues to flourish and remains sustainable for our colleagues and our patients, the majority of which have been with us for many years. As part of improving our service offering, we wanted to provide more convenient facilities for elderly and disabled people, as well as moving the building's entrance to make it more accessible to those in wheelchairs," commented Braham Durov.

The solution

Having received quotes from local builders for the work to be carried out, Braham contacted Southcot Dental's business bank and other finance providers to obtain funding. He was persuaded to approach Wesleyan Bank on the recommendation of Practice Plan, the UK's leading provider of practice-branded membership plans and business support services for dental practices.

Practice Plan has a longstanding relationship with Southcot Dental and was instrumental in assisting the practice to smoothly transition from the NHS to private dentistry several years ago. Southcot's membership plan provides its patients with an affordable way to cover the cost of routine dental care needs (examinations, hygiene services, x-rays etc) and they are entitled to significant discounts on additional treatments. Southcot's staff also benefit from Practice Plan's ongoing training and development, plus an extensive range of specialist support services delivered by industry leading business consultants.

"Practice Plan handled our move away from NHS dentistry extremely well and we found them to be more flexible and straightforward to deal with compared to other similar providers. The company's Regional Support Manager has become a trusted advisor to us and offers excellent support to the practice at all times," says Braham.

Specialist financial support from a trusted source

Both Practice Plan and Wesleyan Bank are part of the specialist mutual financial services group Wesleyan, which has provided bespoke advice, personal pension and insurance policies to Braham and Tim throughout their dental careers.

Wesleyan Bank can offer an enhanced value-added service to Practice Plan clients to enable dental practices to invest and maximise long-term growth. The company offers short-term working capital funding to long-term loans to facilitate partner buy-ins/outs, practice acquisition and finance solutions to fund the purchase of new assets (IT software and hardware, specialist equipment etc), in addition to practice development and refurbishments.

Wesleyan Bank was able to provide an unsecured loan facility over a term of three years to enable Southcot Dental to spread the cost of the refurbishments in a convenient and affordable way.

The results and benefits

The practice's building refurbishment project has now been completed and thanks to the support from Wesleyan Bank, Braham, Tim and their team are delighted with the results.

"We required an experienced financial provider who could offer us personalised service from one point of contact. Wesleyan Bank stood out, not only because of Practice Plan's recommendation, but due to it being able to demonstrate an excellent understanding of the dental sector and a keen willingness to support the practice's ambitions," stated Braham.

Wesleyan Bank ensured the process was very quick and simple. Upon receiving the necessary paperwork from Braham and Tim, the drawdown was completed within a few days.

"Once we had the funding from Wesleyan Bank we were able to arrange to pay the builder over time as opposed to a one-off lump sum. This flexible arrangement suited everyone's requirements and ensured the refurbishment project progressed smoothly.

"The feedback from our patients has been excellent and they love the improvements we have made to the building. Disabled people and those who struggle with their mobility now find accessing the practice via the new entrance much easier, so the project has been worthwhile and we are delighted to have done it," confirms Braham.

Southcot Dental will continue to rely on Practice Plan's and Wesleyan's knowledgeable services to support the practice's short, medium and long-term requirements to maximise its profitability and exceed patient expectations.

"We are very happy with our partnership with Practice Plan. They have been proactive and are always there when we need any support. Similarly, Wesleyan has also met our needs extremely well and will continue to play a big part in supporting our collective financial requirements," he adds.

'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.

Click for more information about the Wesleyan group of companies.

© 2018 Wesleyan Assurance Society