A Hertfordshire commercial sales agency is looking forward to getting back to business post-pandemic with support from Clydesdale Bank, owned by Virgin Money UK.
Frank Taylor & Associates, based in Brookmans Park, specialises in buying and selling dental practices. The company has a 30-year history and has facilitated the sale and valuation of thousands of dental practices across the UK.
Expansion in recent years has led to the development of a group of companies under the Frank Taylor & Associates name offering a range of business services for the dental profession, including legal advice, financial management and video marketing support.
When the coronavirus lockdown came into force in March, dental practices across the country closed. Most of the company’s sale and purchase transactions stalled, and a small number were abandoned. The company furloughed around half its employees, maintaining a core team working remotely to keep the business running and prepare for a return to operations.
Frank Taylor & Associates worked with its relationship team at Clydesdale Bank to arrange a package of support measures to maintain the financial health of the business.
Andy Acton, director and co-owner at Frank Taylor & Associates said, “Our transactions have a long development period, usually between nine and 12 months, and we don’t get paid until a deal completes.
“From that point of view, we have a long-term view of when the impact of the lockdown will affect our income. We know that we will need to bridge a financial gap in the months ahead. The support from Clydesdale Bank enabled us to cover delayed revenues, and provide an added boost to marketing activity and new initiatives when we return to business as usual.
“We expect to see a solid bounce back when the crisis is over. We have a healthy pipeline and events that impact the economy tend to prompt people into making decisions, so we anticipate an increase in the volume of dentists who will decide to sell their practice in the months ahead.
“As usual, the bank has been a fantastic partner. Our relationship manager, Pat Brennan, has always taken a proactive approach to helping the business and has supported our growth, including acquiring new property and funding new services.
“The whole process was straightforward and, importantly, quick. We had funds in our account within two weeks of our application.”
Pat Brennan, relationship manager at Clydesdale Bank said, “Frank Taylor & Associates operates in a fairly niche market and the nature of what they do means it can be up to a year before a transaction translates into cash for the business.
“Cash flow is necessary for both short- and long-term requirements and we worked with Andy to take a long-term view of what the business will need. We understand the sector and expect the pending transactions to unwind over a period when restrictions are lifted, so while there are financial challenges to overcome, there are future gains to look forward to.
“We are here to help our customers find the right type of support for their business. Any customer who is potentially facing financial challenges because of the coronavirus pandemic should get in touch right away. We can offer tailored advice and we have a package of measures we can offer to help businesses survive the economic challenges.”