Veincentre secures investment from Palatine Impact Fund
Manchester-based Palatine Private Equity has completed a significant investment into Veincentre, the UK’s leading clinic specialising in state-of-the-art treatment for varicose veins.
The deal marks the fourth investment from Palatine’s £100m Impact Fund which targets companies with a social and/or environmental impact, alongside industry-standard returns. Neil Mitchell, Partner, at Manchester Corporate Finance house, Rickitt Mitchell advised Veincentre founders Dr David West and his wife Deborah on the investment,
Veincentre delivers specialist treatment for varicose veins, using Endovenous Laser Ablation (EVLA). Utilising EVLA – a non-invasive, non-surgical procedure – Veincentre can reduce the surgical and recovery times associated with traditional forms of treatment, meaning patients can often have their veins treated in their lunch-hour. EVLA also significantly reduces scarring, limiting the damage done by the condition.
Following the withdrawal of NHS funding for varicose vein sufferers – due to their ‘non-essential’ status – Veincentre is well-placed to offer affordable, accessible treatment to patients across its seven UK-wide clinics. With Palatine’s backing, Veincentre will continue to build on its recent nationwide expansion, opening new clinics in Glasgow and Leeds later this year, before carrying out a plan to open two new centres across Britain annually.
The Palatine investment was led by Beth Houghton, Head of the Impact Fund, with support from Investment Director’s James Gregson and James Painter.
We are very excited to work with Veincentre; with the lack of NHS funding for what can for some people be a debilitating condition, it is important that people are able to access treatment at affordable prices, in convenient locations. With the planned roll-out of clinics to Scotland and Yorkshire, Veincentre will be able to offer treatment in almost every major region in the nation, and the management team has ambitions to offer full coverage of the United Kingdom.
Veincentre is exactly the type of business we want to support, and we look forward to working with the management team in order to help accelerate growth and consolidate the company’s position as a leader in the industry.
Beth Houghton – Head of the Impact Fund, Palatine