Diverse Market offers value for money
We recently published our first annual report on the dental market, ‘The Dental Industry 2018: Staffing, Brexit and the Dentist Shortage.’ The report provides an overview of the UK dental workforce, specifically highlighting key challenges facing the dental sector and especially operators, including staff recruitment and retention.
As covered in the report, the supply of dentists in the UK is most under pressure in Wales, followed by England, while Scotland and Northern Ireland enjoy a higher level of dentists, with one dentist per 1.4k and 1.2k of the country’s population, respectively. Both countries also enjoy higher supply levels of dental care professionals, compared to England and Wales.
Challenges pertaining to recruitment aren’t solely reserved to corners of the country that are more remote, such as Inverness or Aberdeenshire. In fact, we recently sold two practices in Inverness that had the most consistent and longstanding associate base I’ve seen. Associates seek diversity and a practice that offers a modern environment, support and favourable patient base, regardless of its location, and it’s these practices that will continue to flourish in the marketplace.
Practices across the central belt of Scotland face recruitment challenges, as well. Operators, especially corporates, looking for a fully associate-led practice will consider the supply of dentists and DCPs. An extensive pool of staff, often linked with highly populated areas, will always sit comfortably with decision-makers.
Demand for quality practices continues to exceed supply in most areas and market segments across the UK, and this is especially evident in Scotland, with an increasing number and variety of buyers seeking opportunities north of the border.
As we come to the end of another record year with record sales achieved in the past 12 months, we note that the central belt and surrounding towns in Lanarkshire, Lothians, Stirlingshire and Fife remain in high demand. At the same time, Perthshire, Inverness and areas around Ayrshire have grabbed the attention of many buyers.
When compared to the market in England, the Scottish market represents a certain value for money. It is no wonder that we have seen so many first-time buyers purchasing
their own practice to grow and perhaps sell on within the next five or 10 years. Equally, new entrants to the market include more corporate operators different from the usual suspects, who are moving north to capture a stable dental system. The market will continue to diversify, as consolidation and demand for quality practices continues tocharacterise the industry.
To discuss how Christie & Co might help you achieve your future plans, contact Paul Graham, Director – Medical at Christie & Co on 0131 524 3416.