TopLabs Prosthetics used a £146,000 commercial mortgage from HSBC UK to acquire the 45,000 sq ft laboratory in Houghton Street, Oldbury which it has leased since 2019.
The HSBC UK-funded acquisition will allow TopLabs Prosthetics to refurbish the site and adjust the laboratory to its specific requirements, creating space for an additional six new technicians to join the existing team of 30 staff.
Established in 2019, TopLabs Prosthetics serves both NHS and private dental practices. This deal will enable the company to produce 10,000 more dentures per year and take on more contracts, increasing the company’s growth by 40 per cent by the end of 2024.
Ravinder Jhutie, director at TopLabs Prosthetics, said: “This funding from HSBC UK is not just about owning our laboratory, it means we can strengthen our position in the dental sector and accelerate our growth. Being able to customise our lab will allow us to serve our clients more effectively and support the growing demand for healthy smiles.”
Simon Phillips, relationship manager at HSBC UK, added: “The global dental prosthetic sector is projected to grow at a rate of 7.5 per cent annually from 2023 to 2029. TopLabs Prosthetics is a well-established dental laboratory in the region and we’re proud to facilitate this expansion and support the company with job creation and meeting the growing needs for dental care.”