As you might expect, due to COVID, we have had to cancel the planned buyback of shares while the industry and business recovers. The main reason is that the bank will not lend the funds required to Neil, our dentist until they can see that the business has recovered to its pre-COVID figures.
These figures may not become apparent until mid-2021, I am afraid. Neil would still like to complete the transaction, and as soon as the bank agrees on terms, he is happy to carry on with his buy-in.
If you have any questions, please let me know? I understand that this is a disappointment. However, we are fortunate that the business is recovering and getting back on track faster than initially expected.