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British firm bids for Ely Medical Group
Sunday, March 29, 2009 By Ian Kehoe
Ultralase, a British firm that runs a chain of laser eye surgery clinics, has made a bid for the ElyMedical Group, the Irish beauty and eye treatment group that is in examinership.

Ultralase has made a formal proposal to take control of ElyMedical, which owns the Optilase laser eye surgery business, the Therapie beauty clinic and the Body Clinic in Dublin.

Ultralase recently launched a clinic in the North, and is keen to expand into the Republic.

Paul McGlade, the Belfast entrepreneur who currently owns Ely Medical, has also submitted a proposal that would see him retain control of the business. McGlade has signalled that he is willing to inject further capital to and refinance the business.

Dublin accountant Neil Hughes, the court-appointed examiner of the group, is assessing both bids, and will select a preferred buyers in the coming days. McGlade has invested €5 million in the business over the last three years, and is keen to remain involved. The company is also backed by Kernel Capital, the Cork funder.

The High Court will this week rule on a dispute between ElyMedical and Kernel over amounts owed to the venture capital company.

Kernel claims it is due €2.4 million, while ElyMedical contends that the figure is €1.2 million. Established by McGlade in 2005, Optilase has carried out more than 10,000 procedures.

The Body Clinic offers treatments including teeth-whitening, acne skin-lasering, facial fillers and hair-restoration.

The combined group has annual revenues of about €12 million, but petitioned the High Court for examinership after running into financial difficulties.

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