Barclays Business Banking has revealed that their number and value of loans to the UK dentistry industry has almost doubled in the last two years, as dentists race to expand premises and invest in new technology to keep up with high consumer demand
Eight out of ten (82%) of dentists say celebrity culture has skyrocketed demand for dentistry work, with more and more customers looking for a ‘Hollywood smile.’
A further 60% have seen patients reference a specific celebrity smile they want to copy.
The research also found one in four Brits are unhappy with their teeth (27%), with nearly two thirds (59%) willing to spend money in order to achieve the ‘perfect smile,’ – an average of £1,121.
In Brighton, those willing to spend money said they would splash the most cash – £2,157 on average, with Londoners close behind willing to spend £1,738.
Over a fifth of dentists surveyed said they were considering taking out a loan in the next two years, with the most common reason being a desire to start a new practice (45%), followed by wanting to buy more machinery or equipment (30%).
Barclays has a specialist team of relationship managers working specifically helping businesses, including dentists, grow.
New technology and innovative solutions
‘We’ve seen a rise in the number of dentistry practices growing rapidly – and many are looking to expand their business further, from investing in new machinery or expanding premises,’ commented Jane Khaliq, industry director at Barclays Business Banking.
‘New technology in this area is paving the way for expansion in the sector, as innovative solutions are helping to fulfil Britain’s desire for the ‘perfect’ smile.
‘Our team of over a thousand relationship experts across the UK are primed to support SMEs as they look to diversify and grow their businesses.’
Dr Aria, principal dentist and owner of Harrow Dental Practice in Hornchurch, Essex, said: ‘I’ve seen a massive increase in patients wanting cosmetic dentistry, in particular, tooth whitening and braces, with many clients bringing in photos of celebrities to show me their dream smile.
‘Support from Barclays has enabled me to keep up with demand and extend my practice. I’ve also invested in technology, with a scanner that can create an image of how teeth will look after surgery in just 60 seconds, which has more than doubled the number of patients visiting my practice.
“It’s clear that tech, including 3D printing and AI, will shape the future of the industry and it’s great to have a relationship manager to talk through the opportunities for investment in these areas.”
As part of a wider package of support for SMEs across the country, Barclays also recently announced a £14bn lending fund, aimed at businesses at several stages of growth and development.