Somerset-based Mendip Batch Medical Limited has purchased the freehold of their premises for £3.3m to secure the future of their Langford GP surgery, Wrington Vale Medical Practice. The surgery is owned by five directors, all boasting years of experience within the medical field, and all in agreement to seek finance to fund the freehold after renting the premises for the previous 12 months. The finance in place will ensure the future security of their business, enabling ongoing provision of their GMS Contract with the NHS and presenting commercial rental opportunities and business growth in the additional space available.
The team at Wrington Vale Medical Practice is committed to excellent patient care and provision of health care services, with an innovative approach and commitment to communication at grass root level being fundamental to their ethos. The surgery is part of a wider medical practice consortium LAWCY Group which has a combined patient population of 35,000 in the North Somerset area.
RBS have been working with the directors since 2006 and relationship manager, Colin Watkins, was well equipped to listen to their requirements given his healthcare experience. Colin structured a £4.15 million loan to fund the purchase and associated costs.
Shruti Patel, director at Mendip Batch Medical Limited explains, “We are delighted with our latest funding package and the opportunities this will bring in terms of services provided for the local population, business opportunities and rental income. I speak on behalf of all the directors when I say this is a really positive step for the surgery and we are very grateful for the security and support Colin provided throughout.”
Colin Watkins, relationship manager at RBS, added, “As businesses grow and evolve so do their needs for financial support. The directors at Mendip Batch Medical Limited have taken the next step towards helping their business grow and they have capitalised on the income opportunities this will bring. I wish them well and look forward to supporting them with their future requirements.”