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MMC Ventures invests a further £1.4 million in The Practice plc


1 October 2007

MMC Ventures (MMC), a venture capital firm investing in growth companies, today announced that after its initial £865,000 investment it has made a further equity investment of £1.4 million in The Practice plc (The Practice), a primary healthcare company delivering patient-focused care in partnership with local Primary Care Trusts (PCTs) and General Practitioners (GPs).

The Practice manages a portfolio of surgeries on behalf of GPs – allowing them to concentrate on practicing medicine without the burden of administration – and provides primary care service contracts to PCTs.

MMC first backed The Practice (then trading as Practice Networks) in Q4 2006 and this follow on investment will be used to increase the number and geographical spread of surgeries managed by The Practice and to win additional service contracts with PCTs. Since MMC’s initial investment, The Practice has acquired a further three surgeries and now manages five surgeries in Great Missenden, High Wycombe and Salisbury. In addition, The Practice has secured contracts with several PCTs within the Thames Valley, the Midlands and the South West and provides services including ophthalmology, sexual health, secure health and urgent care.

The Practice was established in 2005 by a management team comprising two NHS clinicians, Jeremy Rose and Ajit Kadirgamar, and experienced businessman Peter Watts. They bring a clinical and commercial perspective to the business, which ensures that The Practice makes patient care the priority whilst being run on sound commercial principles. The company is well positioned to respond to the NHS policy of Practice Based Commissioning (PBC), benefiting from the government’s efforts to alleviate pressure on acute trusts by treating patients at the local level where appropriate.

“The Practice is doing a great job of letting GPs get on with what they want to do – practising medicine – by taking administration off their hands” said Chris Clothier who led the rights issue for MMC. “GPs like the fact that the management includes doctors who speak their language.”

“We very much welcome the investment,” commented Peter Watts, CEO of The Practice. “With a proven sales and marketing formula we plan to use it to further fuel fast growth and exploit the new areas of opportunity that are developing for our existing surgeries.”

On the re-branding Peter added, “As the NHS continues to change we will be able to deliver better and broader services. Practice Networks has become The Practice and with it comes a consistent look and feel which will allow patients to recognise our company as a whole rather than as individual services and surgeries.”
ENDS

Further information:

Cardew Group
David Roach / Daniela Cormano
0207 930 0777

MMC Ventures
Alanna Rice
0207 361 0212
www.mmcventures.com

The Practice plc
Sarah Jeffery
01494 868 938
www.thepracticeplc.com

Notes for editors:

The Practice Plc (The Practice) is based in Great Missenden, Buckinghamshire

Peter Watts (Chief Executive)
Peter Watts' early career was in investment banking within the derivatives, risk management and corporate finance arenas. Since then he has developed a track record of successful business turn-arounds, acquisitions and start-ups for a number of private and public companies. He has been at the helm of The Practice for three years and delivered the early stage growth of the company as it evolved its business into the clinical services area. He is a member of the Institute of Directors and WCIT.

Dr Jeremy Rose (Clinical Director)
Having completed his pre-clinical work at Pembroke College, Cambridge, Dr Rose qualified in 1980 from Guy's Hospital in London. He's a founder director of The Practice. Until 2006 he worked in a large PMS practice in High Wycombe where he was closely involved in first wave fund-holding and the development of the local GP out of hours cooperative. He was also clinical governance lead


Publisher Contact Information:

MMC Ventures Ltd
+44 207 361 0212
-

Company profile of MMC Ventures Ltd
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