Cosmetic surgery group set to enlarge
MediSpa, the cosmetic surgery and beauty business, has secured £3m of funding, enabling it to expand nationwide.
MediSpa, founded in 2004, offers a range of treatments and services including cosmetic surgery, non-surgical procedures and beauty therapies.
The company currently operates in Cheshire, London and Newcastle and has well-known clients, such as Colleen McLauglin, girlfriend of soccer star Wayne Rooney and Alex Curran, the partner of Liverpool captain Steven Gerrard.
The funding comes from Pi Capital, the private equity house, which has taken ‘a significant minority stake’ in the business.
It has also placed two of its investors on the company’s board including Elizabeth Wagstaff, former chief executive of care homes chain Robinia Care, who will join as non-executive director, and experienced private equity businessman Terry Norris, who joins as chairman.
Wagstaff and Norris’ names were drawn from the group’s ‘black book’, a list of 275 Pi members who have invested in the company and are actively involved in its projects.
Guy Davies, investment manager at Pi Capital, said: “MediSpa has a very strong management team and a proven business model in an expanding market.
“Pi’s investment and the expertise and experience of our two board members should give strong support to the company’s roll out plans.”
MediSpa will use the funding to set up a network of new clinics across the UK: two by the end of March 2007 and six by the end of 2008.
Carl Lewis, chief executive of MediSpa, said: “These are very exciting times at MediSpa and this significant investment from Pi Capital gives us the financial strength to fund our ambitious growth plans.
“In addition, the process has been extremely straightforward and the knowledge and power of the network has already produced real company benefits.”
Market researcher Mintel forecasts that the UK cosmetic surgery sector will be worth £539m in 2006 and over £1bn by 2010.
© Crimson Business Ltd. 2006