Palatine Impact Backs Growth at The MOLE Clinic

Our Impact Fund has acquired a majority shareholding in The MOLE Clinic, a pioneering healthcare business which aims to lower UK skin cancer mortality rates by screening tens of thousands of patients a year to detect skin cancer at an early stage.

The acquisition for an undisclosed sum from the Hebe Group, which includes the nationwide cosmetic skin clinic specialist Sk:n Clinics, will see us target significant expansion of The MOLE Clinic over the next few years.

Founded in 2003 by former lawyer Iain Mack after he was diagnosed with melanoma skin cancer in 2002, The MOLE Clinic is now a leading skin cancer screening specialist in the UK, offering high quality, accessible and affordable solutions to patients worried about new or changing moles or skin lesions, that don’t want to be exposed to NHS waitlists. For individuals seeking regular checkups, it also provides mapping and screening services not available on the NHS.

Iain Mack will remain as The MOLE Clinic’s CEO and has invested in the company alongside us.

A leader in the industry, Iain helped develop The MOLE Clinic Screening Nurse Training Programme, the only such programme accredited by the Royal College of Nursing.  He also developed the UK’s first skin cancer screening App using AI. The App is also used by NHS GPs, reducing NHS waiting times and costs. The App received recognition at the UK Patient Safety Awards and was exhibited in the London Science Museum.

The MOLE Clinic has a team of over 50 people based at 4 sites offering affordable, rapid consultations and results. The growth plan will see the number of clinics grow to over 10 in the next 3 years,

Our Impact team has strong credentials in the preventative healthcare sector, having successfully supported the roll-out of Veincentre, a chain of clinics treating varicose veins, which grew from 9 clinics to 22 over the investment period.

Significant strides were made through investment in digital marketing, which saw online inquiries increase 270% and revenue by 180% over the course of the investment.

Alistair Armstrong, Impact Fund Partner said: “The MOLE Clinic is a best-in-class healthcare provider with a mission to detect skin cancer early and save lives. As a purpose-driven investor we are thrilled to be working with Iain and the team, with whom we share many common values.”

“Palatine Impact has significant experience in working with founders to scale their businesses while generating a commercial return with purpose.  We look forward to supporting Iain as we help The MOLE Clinic broaden its geographical reach so more individuals can access its affordable services benefiting their health and wellbeing.”

The transaction is the fifth investment from Palatine’s Impact Fund II, following Inclusive Employers, Anthesis, Papilo and Isle Utilities.

Advisers to Palatine included: EY (Tim Vance, Tom Harvey, Benjamin Leach), Gateley (Dan French, Kate Richards, Adam Noble), CIL (James Silk, Craig Abrahams, Edward Selman), RSM (Colin Smyth, Anna Howarth, Jake Hodgson), Quinn Partnership (Mike Styles, Paul Quinn) and Lockton (Kevin Stout, Michael Teague).