The CMA dentistry study: what it means for value and deals

The Competition and Markets Authority (CMA) opened its market study into private dentistry on 5 March 2026. It is a 12-month review of an £8.4 billion market, with a final report due by March 2027. 

Since then, the question we’ve consistently heard from both owners and buyers is: ‘Does this change the value of my dental business, or the appetite to buy?’ 

In practical terms, no. However, there are some clear implications emerging that are worth understanding, particularly for anyone considering a transaction in the next 12 to 24 months. 

Firstly, it is important to frame the structure of the market correctly. Dentistry is a weak target for dominance concerns. The top 10 operators control only around 18% of clinics, and the vast majority are still independently owned. That level of fragmentation makes it difficult for the CMA to argue that consolidation is materially distorting competition. 

If you look at recent CMA work in adjacent sectors, the likely direction of travel is fairly predictable. In both veterinary and funeral services, the outcome was not structural intervention, and there was no attempt to break up corporates or restrict scale. Instead, the focus was on transparency, such as clearer pricing, better disclosure of ownership, and more standardised information for consumers.  

Importantly, current CMA activity is not disrupting transactions; the market remains fully active and is trading with momentum. Offer volumes across the first five months of 2026 are in line with the same period in 2025, while aggregate offer value is up materially (circa 43%). This is a clear reflection of sustained buyer confidence, firmer pricing, and a notable shift towards higher-quality, higher-value assets entering the market. 

That said, there is one clear downside emerging: deal execution is taking longer. What was typically a 7.6-month period from offer accepted to completion is now trending closer to 8.8 months, and it continues to extend. That shift is beginning to reflect the increased diligence, more internal approval layers from buyers, and a general tightening of process. It is an early indicator of greater scrutiny rather than reduced appetite. 

There is also a subtle but important shift in risk allocation, as buyers are becoming more focused on downside protection - whether through tighter legal drafting, more detailed warranties around compliance and pricing practices, or greater emphasis on evidence-backed earnings. Sellers who cannot support their numbers with clear data are more likely to see this reflected in deal structure rather than headline price. 

The CMA is unlikely to change the fundamentals of demand in the market, but it will reinforce the importance of transparency, governance and documentation. 

For sellers, preparation now directly impacts outcome. Well-run, well-evidenced businesses will continue to trade strongly, while those that are less organised will still transact, albeit with more friction, more scrutiny, and potentially different outcomes on value and structure. 

To discuss the content of this article in more detail, get in touch with Paul Graham: paul.graham@christie.com or 07739 876 621