A chain of medical clinics which specialises in treating varicose veins and thread veins has raised £1.5m in debt funding from Frontier Development Capital (FDC) to help it expand into new locations nationwide.
The UK Vein Clinic group, which operates under the twin brands of Dr Newmans Clinic and UK Vein Clinic, is the largest independently-owned chain of its type in the UK. Based in London’s Harley Street, it has a presence in 16 cities including Brighton, Bristol, Exeter, Cardiff, Cambridge, Leeds, Sheffield, Liverpool, Manchester, Newcastle, Edinburgh and Glasgow. The funding will support its plans to open clinics in 10 new locations over the next two years.
The group is run by Jason Powell, who was CEO of Premier Medical Group before it was sold to Capita for £62m in 2010, and Dr Peter Finigan, a medical entrepreneur with over 30 years’ experience in general practice and vascular medicine.
They joined forces in 2010 to acquire Dr Newmans Clinic, which specialises in the non-invasive treatment of thread veins and is the only service of its type where all procedures are carried out by GPs. In 2020 they started UK Vein Clinic which treats varicose veins in line with National Institute for Clinical Excellence (NICE) best practice guidelines and using a care pathway designed by world-renowned vascular consultant Professor Stephen Black.
The business currently has a team of 65 clinicians and admin staff, and plans to create around 50 new jobs as part of the roll-out.
Jason Powell, Director, said: “The NHS and private medical insurers have restricted treatment for varicose veins to the most severe cases while treatment for thread veins is not available at all. However these conditions have a real impact on people’s lives - 65% of our patients say they suffer some sort of physical symptoms such as pain, itching and swelling and 98% say their veins affected their confidence, social life or mental health. Not surprisingly, people are increasingly willing to fund the treatment themselves.
“The finance from FDC will enable us to open clinics in other locations to help more people access safe and effective treatments.”
Justin Sorby of FDC added: “Jason and Peter lead an impressive team who have differentiated their service through the use of experienced vascular consultants and a care pathway that puts patient outcomes at the centre of the business. The group is already the UK largest independent chain of its type. With the increased focus on health and wellbeing, an ageing population and restrictions on NHS treatments, their services will be in growing demand in the future. We are pleased to be able to provide the funding they need to support their expansion plans.”
James Barraclough of Elucid Partners provided fundraising advice to the company.