Independent buyers dominate Scottish dental property market

Independent buyers dominated dental real estate transactions in Scotland during 2024, according to a new report from Christie & Co.

The property advisor’s Dental Market Review 2025 report showed that 2024 was a pivotal chapter for the sector, with 100% of the firm’s deals in Scotland being agreed with independent owners.

The 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 practices:

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

And 2024 marked a transition toward a more-sustainable, quality-driven, and independently-led landscape.

However, in the first half of 2025, Christie & Co saw the re-entry of corporate and group buyers into the Scottish 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”, says the report.

KEY TRENDS

In 2024, 81% of Christie & Co’s completed deals in Scotland were to independent or dual-site operators with one or two sites, 19% 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,” the report states.

“Small and medium-sized groups also leaned more toward private and mixed (private) acquisitions; and 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.

And, according to the report, this suggests a growing sophistication and a willingness to adopt corporate-style deal mechanics to remain competitive.

In 2024 and H1 2025, 13% of deals in Scotland had deferred consideration.

PRICING

The UK dental market has continued its recalibration following a 9.4% price decline in 2024, with early 2025 data indicating a 2.9% 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,” says the report.

“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.

And 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% of hygienist/therapists feel that is the case (reflecting the highest proportion), while 54% of others in the sector reflect the lowest proportion
• 48% to 77% feel demand for NHS dentistry has increased, compared with 50% to 65% in 2024, suggesting that overall patient demand for NHS dentistry continues to rise year on year
• 40% of respondents feel that demand has increased for high-end elective treatments. In 2024, 40% 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% to 30%), with specialist services (24% to 26%) just marginally behind
• The majority (86%) of respondents feel that digital dentistry is at the forefront of future growth. Some 90% of those respondents in the private operational segment feel this is the case, 86% of those in the mixed segment, and 63% of those in the NHS-focused segment
• Almost half of the respondents (49%) feel that they are most likely to invest in new technology and equipment in the coming 12-24 months. 29% 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%), cash flow (24%) and recruitment and retention (24%). While, 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% is felt likely to be recruitment and retention.

Joel Mannix, director of dental at Christie & Co, said: “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.”