Thu, 20/12/2012 - 16:00
Turnaround specialist RCapital has purchased the business, brand and assets of The Harley Medical Group, backing the incumbent management team.
The Harley Medical Group has grown over 30 years, providing surgical and non-surgical cosmetic procedures across the UK.
In 2011 the whole cosmetic surgery industry was hit by the fraudulent activity of the supplier of PIP implants. Whilst operations involving breast implants make up less than 25 per cent of the business, The Harley Medical Group did not have the financial resources to survive.
Jamie Constable, chief executive of RCapital, says: "Harley Medical Group, in the best interest of those of its patients with a medical need, removed free of charge faulty implants from those patients affected by the PIP fraud before its full extent was known. The business was the victim of a fraud that has affected the whole industry. Fundamentally, the business is sound, but the financial cost of the PIP implants was impossible to survive."
Pierre Guillot, managing director of The Harley Medical Group, says: “We believe that the action that has been taken remains the only action, in the prevailing circumstances, that could have been taken in the best interests of our PIP and other patients. Our partnership with RCapital will support us as we move forwards and focus on the future.”
The RCapital investment has enabled Harley Medical Group to restructure the business and continue to care for its patients who have medical issues arising from PIP implants and to continue to provide services to the rest of its surgical and non-surgical patients, as normal.
The new company, Aesthetic and Cosmetic Surgery Limited, continues to trade as Harley Medical Group from its head office based in Central London.
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