The Practice Plc (United Kingdom) - Oct 2007

MMC Ventures has made an investment of £1.4m in The Practice Plc (formerly Practice Networks Holdings), a primary healthcare company that manages a portfolio of surgeries on behalf of general practitioners (GPs) and provides primary care service contracts to Primary Care Trusts (PCTs). MMC initially backed the company with an investment of £865,000 in 2006 (4 December 2006, page 24) and since that time, the business has grown significantly by acquiring three new surgeries and securing several new contracts with PCT’s. This latest investment will be used to continue The Practice’s organic growth, particularly through geographic expansion.

Company

Great Missenden-based The Practice was founded in 2005 and specialises in building management and operational structures for GP surgeries. It provides primary care service contracts to PCTs, which are designed to lift the burden of administration and allow healthcare professionals to concentrate on patient care. The Practice also offers a 100% purchase or partial quality release scheme for owner GP’s or partnerships, which allows the owners to remain in the business as medical staff with share ownership options.

People

Chris Clothier led the transaction for MMC Ventures and Peter Watts is CEO of The Practice.

Advisers

Company - Osborne Clarke, Robert Wood (Legal)Equity - Laytons, William Quibell (Legal)

Sourced from: UK & Ireland unquote" 355 (Oct 2007)

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