How might a cosmetic surgery business perform in a recession? For such a self-indulgent product, tough times are extratough. In April 2009, Britain’s biggest plastic surgery business, Transform, faced severe financial difficulties. Its story, though, was as much to do with finance as anything else. The story behind Transform is the story of the credit crunch.
In 2005, Transform’s parent company was bought by a private equity group for £170 million. This was a high price to pay for a business with a turnover of just £40 million a year. But in 2005, the growth prospects for cosmetic surgery seemed endless — an ageing population, the media fascination with ‘transformed’ stars, such as Sharon Osborne and Anne Robinson, and an apparently endless era of boom and bonuses. How could it go wrong?
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