Almost half of UK dental practices have relied on either CIBLS (Coronavirus Business Interruption Loan Scheme) or BBLS (Bounce Back Loan Scheme) from the government during the COVID-19 pandemic. The survey was recently conducted by NASDAL (National Association of Specialist Dental Accountants and Lawyers) which Dodd & Co contributed to as members with a responses from selection of our client base.

The survey was carried out on a  sample of 121 practices (with a total fee income of £88 million). The survey found that:

  • 11% of practices have taken out CBILS loans, mainly private practices
  • The average CBILS loan is £105k (12% of fee income)
  • 41% of practices have taken out BBLS loans, covering all types of practices.
  • The average BBLS loan is £49k (7% of fee income).

The average loan is £32k (4% of fee income) and overall, 52% of dental practices have taken advantage of Government backed COVID loans.

Heidi Marshall, Healthcare partner at Dodd & Co commented “The results are in line with what I was expecting from speaking to my clients.  The CBILS was a much more onerous application process so it doesn’t surprise me that fewer practices have gone down this route.  The BBLS however was a very simple process that could be completed in minutes and the funds would be received within a couple of days.  Many of my clients have taken the BBLS on a “just in case” basis.  They are doing OK financially now but the next few months are so uncertain it is comforting knowing there is a safety net there.  If they don’t need them then they can pay them back in 12 months without incurring any interest charges”

NASDAL COVID SURVEY RESULTS

Please click here to go back to other dental newsletter articles.