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Wesleyan Bank enables young doctor to take up partnership role at 6,500 patient practice in Scotland

Wesleyan Bank enables young doctor to take up partnership role at 6,500 patient practice in Scotland

The business

After studying medicine at Aberdeen University, Dr Alan Clauson embarked on extensive vocational training in Aberdeen and completed his foundation programme within NHS Grampian. In 2014 he took up a general practitioner salaried position at Central Buchan Medical Practice, a forward-thinking rural practice with 6,500 patients operating from three sites in North East Aberdeenshire.

Dr Clauson worked at Central Buchan's surgeries situated in New Pitsligo, New Deer and Strichen and he also provided GP out-of-hours services. This exposure helped to galvanise the young doctor's ambitions to provide the highest standards of innovative care.

The challenge

Six months after joining the practice, Dr Clauson was invited to become an equity partner at Central Buchan at the age of 29 which he was delighted to accept.

"I realised within a month of joining that I wanted to become a partner. Central Buchan Medical Practice has an excellent reputation for understanding patients' needs and has already embraced new technologies to improve efficiency," explains Dr Clauson.

He approached two traditional high street banks for financial assistance but found the process to be longwinded. The scope of information they requested was confusing which appeared to create unnecessary barriers to prevent the doctor from being able to secure the funds he needed.

The solution

Having become increasingly frustrated, the doctor decided to explore alternative funding options and approached Wesleyan Bank, a specialist provider of financial products and services exclusively for medical professionals and GP practices. Wesleyan Bank is part of the specialist mutual financial services organisation, Wesleyan Group.

Wesleyan had previously sourced a comprehensive range of tailored mortgages from across the market to advise Dr Clauson when purchasing his family home and also provide him with personal income protection cover.

Wesleyan Bank was able to offer a tailored financial solution through an unsecured partner equity loan over a 15 year period to enable Dr Clauson to buy into Central Buchan Medical by owning a share of the practice building.

 "Wesleyan Bank was extremely straightforward to deal with as the loan application process and terms were clearly explained to me by one of the company's dedicated Commercial Account Managers. From start to finish, it took only a week for me to receive approval which was a welcome surprise in comparison to the frustrations I had experienced when contacting the other banks," comments Dr Clauson.

The results and benefits

For Dr Clauson Wesleyan Bank's timing couldn't have been better. The loan application was submitted in July and the drawdown was completed just over four weeks later. This enabled him to become a partner at the practice before the business's financial year-end in September.

"Wesleyan Bank was able to demonstrate a far greater understanding of the medical sector and the challenges GPs face. They showed a willingness from the outset to provide a competitive solution which was tailored to my needs and I would recommend that GPs make Wesleyan their first port of call when seeking specialist financial support.

"Although gaining job security was not my primary motivation, Wesleyan Bank has enabled me to take control of my career direction. I have gained an opportunity to further my business knowledge by working more closely with senior partners and from a young age I am able to assume further responsibilities to influence the future direction of a leading practice," added Dr Clauson.

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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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