Barclays Business Banking has revealed that in the past two years their number and value of loans to the UK dentistry industry has almost doubled, as dentists are keen to expand premises and invest in new technology to keep up with high consumer demand.
Recent figures indicate that eight out of 10 (82 per cent) dentists say celebrity culture has skyrocketed demand for dentistry work, as more and more customers are looking for a ‘Hollywood smile’.
The research also found one in four Brits are unhappy with their teeth (27 per cent), with nearly two thirds (59 per cent) willing to spend on average £1,121 in order to achieve the ‘perfect smile’.
Over a fifth of dentists surveyed said they were considering taking out a loan in the next two years, the most common reason for this being a desire to start a new practice (45 per cent), followed by wanting to buy more machinery or equipment (30 per cent).
Jane Khaliq, Industry Director at Barclays Business Banking, said: “We’ve seen a rise in the number of dentistry practices growing rapidly – and many are looking to expand their business further, from investing in new machinery or expanding premises.
“New technology in this area is paving the way for expansion in the sector, as innovative solutions are helping to fulfil Britain’s desire for the ‘perfect’ smile.
“Our team of over a thousand relationship experts across the UK are primed to support SMEs as they look to diversify and grow their businesses.”
Dr Aria, Principal Dentist and Owner of Harrow Dental Practice, said: “Support from Barclays has enabled me to keep up with demand and extend my practice. I’ve also invested in technology, with a scanner that can create an image of how teeth will look after surgery in just 60 seconds, which has more than doubled the number of patients visiting my practice.
“It’s clear that tech, including 3D printing and Artificial Intelligence, will shape the future of the industry.”
David Jacobs, Partner at Milsted Langdon said: “Barclay’s figures positively indicate that there is a growing desire for dental practices to meet consumer demand and expand their business.
“If you are a practice owner who would like advice on how to secure funding to improve your dental practice, then it is important that you seek specialist advice to discuss the options available to you.”