Smiles all round as Moor Dental receives £100k
- Lombard funds £100k of equipment for company’s new venture
- A smooth process to secure funding enables dental practice to open for business
- Lombard creates bespoke deal for Moor Dental Care Ltd with the benefit of Keyman Protection
Moor Dental Care Ltd is a family orientated dental practice based in Ashburton, Devon, offering a full range of both NHS and private dental treatments. It is the latest practice to join the dental group, which already includes Dart Vale Dental Care and Pure Dental Care.
Tessa Fielding, Moor Dental Practice Manager was first introduced to Lombard through the company’s bank Relationship Manager Mike Dacre. Tessa explains why having used Lombard in the past, she chose it again for this latest venture, “I approached Lombard to fund the equipment needed for the new practice. Due to its relationship with the bank the whole process was very smooth and I didn’t have to provide the information twice. They were able to share the accounts data and turn around the deal more rapidly than if we had started from scratch.”
Lombard created a bespoke deal for Moor Dental. Julie Tiley, Lombard Relationship Manager explains, “The hire purchase facility was transacted as a fixed rate agreement - the most suitable funding for its circumstances as it will give the Directors the peace of mind that they will own the equipment without the risk of being affected by the possible rise of interest rates. They also decided to take advantage of the Keyman Protection on both Directors so that they would be protected should anything happen to a key employee. As Moor Dental was in the process of converting an existing property into what would be the new practice, financial planning was vital. Lombard’s fixed pricing enabled Moor Dental to budget accurately and create cash flow projections needed for the new project.”
Due to Lombard’s knowledge of the customer and rapid funding, it was able to provide Moor Dental the financial assistance needed to acquire the equipment. As her job title suggests, Julie enjoys a good relationship with Moor Dental Practice, and looks forward to supporting the group with its future plans.
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