Independent buyers dominated Scottish dental market in 2024, says Christie & Co report

MARKET OVERVIEW

Christie & Co’s report begins by updating the ownership structure of the UK dental market, stating a total of 12,223 dental practices throughout the country. In Scotland specifically, there are currently 1,019 dental practices:

• 61 per cent are owned by independent or dual-site operators (1 to 2 sites)
• 20 per cent are owned by mid-sized and small groups (3 to 29 sites)
• 19 per cent are owned by corporates and large groups (30 sites and over)

2024 was a pivotal chapter for the UK dental market, marking a transition toward a more sustainable, quality-driven, and independently led landscape, with 100 per cent of Christie & Co deals in Scotland being agreed with independent owners. However, in the first half of 2025, Christie & Co saw the re-entry of corporate and group buyers into the market, buoyed by stabilising interest rates and a renewed focus on quality over scale. Many larger groups spent much of 2023 and 2024 refining their portfolios and operating models and are now expected to return to acquisitive strategies, but in a more targeted, strategic fashion.

KEY TRENDS

In 2024, 81 per cent of Christie & Co’s completed deals in Scotland were to independent or dual-site operators with one or two sites, 19 per cent to mid-sized and smaller groups (three to 29 sites), and none to corporates and larger groups (more than 30 sites).

Analysing these deals revealed that, across all buyer types, there is a sector-wide movement away from purely NHS dentistry and towards mixed and private practices. Between H1 2023 and H1 2025, corporate buyers increasingly targeted private dental practices, reflecting a strategic shift toward higher-margin, consumer-driven models amid NHS funding challenges. Small and medium-sized groups also leaned more toward private and mixed (private) acquisitions. While independent and first-time buyers initially preferred NHS practices, they began pivoting toward private models by 2025. This shift reflects changing buyer expectations, increased access to funding, and a response to the perceived stability and profitability of private dentistry amid NHS uncertainty.

Deferred consideration has emerged as a strategic mechanism in dental practice transactions, especially in corporate acquisitions. Small groups and independents, while less frequent users of deferred structures, still show notable engagement, especially in recent periods. This suggests a growing sophistication and a willingness to adopt corporate-style deal mechanics to remain competitive. In 2024 and H1 2025, 13 per cent of deals in Scotland had deferred consideration.

PRICING

The UK dental market has continued its recalibration following a 9.4 per cent price decline in 2024, with early 2025 data indicating a 2.9 per cent increase in prices, signalling stabilisation and selective growth.

Buyers, especially consolidators and private equity groups, are prioritising quality, seeking practices with stable teams and growth potential. As corporate buyers re-enter the market, competition is expected to drive up average multiples and deferred pricing.

Valuation multiples have largely steadied, with NHS and private practices maintaining strong buyer interest, while mixed practices saw only minor pricing adjustments. Associate-led practices are expected to retain stable EBITDA multiples, with potential for growth driven by increasing buyer appetite and a robust opportunity pipeline. Private and private-led practices are well-positioned to benefit from strong buyer demand, particularly in elective and cosmetic dentistry.

SENTIMENT IN THE SECTOR

In June 2025, Christie & Co reached out to over 38,000 dental professionals from across the UK to get their views on a range of topics.

Key findings include:

• Overall, more feel positive or neutral about the sector than feel negative, where 73 per cent of Hygienist/Therapists feel that is the case (reflecting the highest proportion), while 54 per cent of others in the sector reflect the lowest proportion
• 48 per cent to 77 per cent feel demand for NHS dentistry has increased, compared with 50 per cent to 65 per cent in 2024, suggesting that overall patient demand for NHS dentistry continues to rise year-on-year
• 40 per cent of respondents feel that demand has increased for high-end elective treatments. In 2024, 40 per cent of respondents also felt the same. This would suggest that there is potentially an ongoing and continued easing in patients choosing to defer such treatments
• It was felt that the greatest area of growth is likely to come through general dentistry (28 per cent to 30 per cent), with specialist services (24 per cent to 26 per cent) just marginally behind
• The majority (86 per cent) of respondents feel that digital dentistry is at the forefront of future growth. Some 90 per cent of those respondents in the private operational segment feel this is the case, 86 per cent of those in the mixed segment, and 63 per cent of those in the NHS-focused segment
• Almost half of the respondents (49 per cent) feel that they are most likely to invest in new technology and equipment in the coming 12 to 24 months. 29 per cent of respondents say that recruiting additional staff is their next most likely investment
• Overall, the largest potential influencers in decision making are operational costs (29 per cent), cash flow (24 per cent) and recruitment and retention (24 per cent). Whilst in the main, and across the mixed and private operational segments, those influencers are broadly in line, there is a clear differential from those who work or are involved in the NHS-led segment, where the largest influencer at 34 per cent is felt likely to be recruitment and retention.

Joel Mannix, Director – Dental at Christie & Co, comments, “The Scottish dental market has shown remarkable resilience and adaptability over the past year. We’re seeing renewed confidence from buyers, particularly independents and small groups, who are driving deal activity across the country. The shift toward private and mixed practices reflects a broader evolution in patient demand and operational strategy. With stabilising interest rates and a more selective approach from corporate buyers, Scotland is well-positioned for sustainable growth. At Christie & Co, we’re proud to support this momentum and help operators navigate an increasingly sophisticated and opportunity-rich landscape.”

To read the full Dental Market Review 2025 report, which also includes a look at the finance landscape from Christie Finance and the insurance landscape from Christie Insurance, the impact of the NHS 10-Year Plan on the market, and an insightful Q&A with Raj Rattan MBE, visit: https://www.christie.com/sectors/dental-practices/dental-market-review-2025

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For further information on this press release, contact:
Phoebe Hill, Associate Director – Corporate Communications
P: 07540 063 598 or E: phoebe.hill@christie.com

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