Thérapie Medical Group, which owns a network of clinics across Ireland and Britain, has raised €30 million of debt capital to support further expansion, including the opening of its first medical aesthetics clinic in New York.
The group, run by Irish brother and sister Phillip and Katie McGlade, will report revenue of more than €100 million in 2022, it said, up 54 per cent on the €65.3 million turnover documented in newly filed 2021 accounts for Fellerim Limited, the company behind Thérapie.
Owned by the McGlade family, the group provides medical and aesthetic treatments including laser hair removal, cosmetic injections, fertility treatments, laser eye surgery and lens replacement surgery.
It plans to open a Thérapie Clinic in the Flatiron district of New York, with a clinic offering a range of body and skin treatments.
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The group opened eight new clinics in 2022, including a modern ophthalmology surgery in Carrickmines, Dublin, bringing the total number to 71 across its three business segments: Thérapie Clinic, Optilase and Thérapie Fertility. In September, the group also launched its very own skincare brand, Skin Theøry.
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“This expansion has been in the pipeline for the past number of years and the opening of the clinic in New York this March is a huge milestone for the entire Thérapie Clinic team,” said chief executive Phillip McGlade.
“On researching the potential of growth into the US, we believe that Thérapie offers US customers a distinctive offering. With the funds raised, along with support from our established central team and global partners, we’re excited by the opportunity to enter and grow in the world’s largest aesthetic market.”
Following the 2021 board appointments of former Paddy Power chief executive Andy McCue as non-executive chairman and ex-Glenveagh Properties executive Ger Barry as chief financial officer, the group has continued to invest in its corporate functions and technology. It now employs more than 1,200 people with about 500 in Ireland.
Accounts for 2021 show that Covid-related closures from January to April of that year significantly affected the group’s ability to trade, contributing to an after-tax loss of €6.8 million for the year, although this was down from the near-€8 million loss recorded in 2020.
The impact of these closures was also evident in the group’s deferred revenue balance, which represents the value of treatments sold but not delivered and increased to €33 million as of the end of 2021.
The group successfully raised debt capital of €30 million in the fourth quarter of last year to refinance existing debt and provide capital for domestic, UK and US growth in 2023. Further growth in revenues is expected this year, the company said.
