Varicose veins specialist Veincentre is preparing to open further clinics across the UK – after securing multi-million pound investment from a regional private equity firm.
The Stoke-on-Trent company – which is the UK’s leading varicose veins clinic – has landed £10 million from Manchester-based Palatine Private Equity.
The deal marks the fourth investment from Palatine’s £100 million Impact Fund which targets companies with a social and environmental impact.
Now the investment – which is for a significant minority stake in the business – will allow Veincentre to open new clinics in Glasgow and Leeds later this year, with a plan to open two new centres across Britain annually.
Earlier this year Veincentre bosses revealed plans to double in size in the next three years – and have a 12-strong portfolio of clinics across the UK by 2021.
Veincentre founder Dr David West believes the recent investment will help to take the company a step closer to its goal.
Dr West said: “Palatine really believed in our business model that we just treat veins and are not distracted by offering other cosmetic treatments, meaning we can provide the highest quality treatment at the lowest prices.
“With the help of the Palatine team, our aim to bring this specialist, yet affordable treatment to as many people as possible seems more achievable than ever. The work we do has become increasingly important following falling NHS funding in the sector, and now with the help of this investment, we will be able to offer a necessary social service where access might otherwise be scarce.”
Vascular specialist Dr West founded Veincentre in 2003 along with his wife Deborah.
The pair spotted a gap in the market for a business offering the latest treatment at affordable prices, using pioneering techniques that avoid having to ‘strip’ veins.
Originally based from their family home in Ashley, Staffordshire, the business now operates a network of clinics across the UK – including Stoke-on-Trent, London, Nottingham, Manchester, Bristol, Southampton and Oxford.
At its headquarters in Stoke-on-Trent, the company boasts a 12-strong team – which is expected to increase by 30 per cent over the coming weeks.
Last year, Veincentre recorded a turnover of £4.2 million – a rise of 18 per cent on the previous year.
Beth Houghton, partner and head of impact at Palatine Private Equity, said: “We are very excited to work with Veincentre; with the lack of NHS funding for what can for some people be a debilitating condition, it is important that people are able to access treatment at affordable prices, in convenient locations.
“With the planned roll-out of clinics to Scotland and Yorkshire, Veincentre will be able to offer treatment in almost every major region in the nation, and the management team has ambitions to offer full coverage of the United Kingdom.”
