Rendlesham: Enterprise Finance Guarantee helps couple acquire dental practice
PUBLISHED: 06:00 08 June 2014
Husband and wife team Raheem Achour and Stacey Gore have purchased the Rendlesham Dental Practice with the support of debt funding from RBS.
The couple already had experience of working at the practice and, having been looking to purchase a practice of their own for the past two years, stepped in when the previous owner retired.
RBS relationship manager Tracy Westley, worked with the couple to help them secure the best funding options available and suggested using the Enterprise Finance Guarantee (EFG) Scheme and Funding for Lending loan facilities which are in place to support SMEs.
The Government-backed EFG scheme is designed to provide businesses with the necessary working capital or investment finance. Under the scheme the Government will guarantee 75% of any loans made and the bank covers the remaining 25%.
The Government-backed Funding for Lending loan facilities enables SMEs to take advantage of the no arrangement fees agreement. David Brewer, a local broker at FTA Finance, introduced the deal to RBS.
Stacey Gore said: “It was a huge relief to complete the purchase of the dental practice and delighted we were given this opportunity to buy it from the previous owner, who we both know very well as I have worked as an associate there for a number of years.
“RBS have been very supportive and patient on our two-year journey and we were delighted that Tracy was on board to support us through the various funding options available.
“We will be retaining the existing staff and although it is mainly an NHS practice, we will look to expand our private patients in the area over time. The dream has become a reality for which we are very grateful to all involved.”
Tracy Westley added: “I am thrilled Raheem and Stacey have realised a longstanding dream of owning their own business.
“I worked closely with them both throughout and although it was a lengthy transaction I was determined to put the correct finance in place to suit their requirements and business model. I wish them all the very best as they settle into their ownership roles.”