'Brexit carving into cosmetic surgery market'

Tuesday 13th August 2019 17:18 EDT

Two cosmetic surgery companies have gone into administration amid "Brexit uncertainty", with debts of £6.5m between them. Combine Opco and TFHC operated from more than 30 clinics and hospitals across the UK. 

The business and assets have been acquired by a single entity - The Transform Hospital Group - and the services carry on.It said staff and patients would be unaffected by "challenging" conditions.

Describing the companies that previously ran the business as among the UK's "leading providers" of cosmetic surgery, administrators handling the move cited a lack of Brexit "clarity".

They said the firms had found it hard to adapt to consumers spending less on "discretionary items" considered "high cost".

Administrators also said the companies had been facing a "substantial risk" of unaffordable "penalties" linked to "HMRC's decision to deem certain services" subject to VAT, despite the firms receiving "professional advice" that such provision was VAT-exempt.

comments powered by Disqus

to the free, weekly Asian Voice email newsletter