Glasgow cosmetic surgery set to expand thanks to £2m of growth funding

ELANIC Clinic, a private cosmetic surgery based in Glasgow, has secured £2 million in growth funding as it gets set to open new hospital space towards the end of this summer.

The expansion of the clinic in the city’s Bath Street will triple the clinic’s capacity to treat self-pay and private medical insurance patients and is expected to create 75 new jobs within the next couple of years.

The clinic is owned by the consultant plastic surgeon Vivek Sivarajan, who set up the business in 2013.

The money has been provided via the government-owned British Business Bank’s £150m Investment Fund for Scotland.

The fund was launched in October of last year to provide a mixture of debt and equity financing to support small growing businesses.

Larger IFS debt deals of between £100,000 and £2m, such as that secured by Elanic, are managed by investment services specialist FSE Group, while smaller loans are organised by DSL Business Finance.

Equity deals are managed by Glasgow-based Maven Capital Partners.

“FSE Group and the Investment Fund for Scotland have provided a welcome boost to help with our expansion project,” Mr Sivarajan said.

“The state-of-the-art facilities will give the clinic new in-house capabilities to look after patients overnight, as well as enabling us to offer different types of treatments with industry-leading equipment for the likes of keyhole surgery.”

He added: “This funding has been critical in getting us one step closer to being ready to welcome the first patients.”

Another Glasgow company, drinks producer Panther M*lk, agreed a £200,000 loan from the Investment Fund for Scotland.

The money will be used to support development of its range of alcoholic oat milk cocktails which have secured a number of grocery and on-trade listings.

“I’d previously received funding support through the British Business Bank’s Start Up Loans programme, which was a big benefit in the development of the brand two years ago,” founder Paul Crawford said.

“We’ve experienced rapid growth since then through our on-trade networks and retail deals but sought additional capital to help scale production and develop new products.

“We’re also looking at future export opportunities and partnerships with bars and hotels in major cities across the whole of the UK.”