Lupton Fawcett advice on dental practice partnership sale
Andrew Gatecliff and his wife Leanne have bought out John Wolverson from the Limes Dental Practice in Epworth Doncaster.
The Limes was opened 33 years ago by Dr Wolverson as an additional branch to his existing practice in Doncaster town centre, which he joined in 1975.In 1988 he recruited Dr Andrew Gatecliff and made him a partner in The Limes branch practice in 1998.
Dr Wolverson’s, who was advised by the Sheffield office of Lupton Fawcett, decided to sell his partnership at the Limes in order to concentrate his efforts on his original practice on Thorne Road, although his wife, Pamela, who is also a dentist, will continue to work at the Limes as an associate.
Located on Church Walk in Epworth, The Limes Dental Practice is an NHS surgery, employing nine members of staff. It provides a range of routine dentistry services as well as orthodontic treatments.
Speaking about the acquisition Andrew Gatecliff said,
“I am thrilled that Leanne and I have been able to acquire the practice. I have worked here for 27 years and know my colleagues and patients well. It has been excellent to work with John and wish him all the best for the future.”
Commenting on the sale, John Wolverson, said,
“Although I have thoroughly enjoyed working at The Limes, I realised the time is right to scale back slightly. Rather than splitting myself between the two practices I wanted to concentrate on just the one location, which has the added advantage of allowing me a couple of half days off a week."
“I know that, under the direction of Andrew and Leanne, I am leaving the Limes in very safe hands.”
Corporate lawyer, Max Kennedy, of Lupton Fawcett, who advised Dr John Wolverson, said,
“Many companies face a similar situation to John and Andrew when one of them wants to leave the business. In each case it is imperative that both parties are happy with the deal, not only from a valuation point of view but also how the payment will be made and how the retiring partner will extricate him or herself from the business.
“Friendships that have developed over many years of working together can become fragile if one of them feels hard done by. It is therefore advisable for both parties to take legal advice to achieve the best outcome.
“I am delighted to say this deal went very smoothly with both parties happy with the outcome.”
Neil Brownrigg, Healthcare Manager at Royal Bank of Scotland, which funded the deal said: “I am delighted that we have been able to support Dr Andrew and Leanne Gatecliff with the full takeover of The Limes Dental Practice. Andrew has been a partner there for many years, running the practice to an exceptional standard. We wish Andrew, Leanne and the team all the very best for the future.”