Phelan in talks to raise €50m to bring cosmetic work chain to UK
Serial entrepreneur Pat Phelan is in talks to raise €50m for his Sisu cosmetic treatment chain, in an ambitious growth plan to expand in the UK and US.
The Corkman said that the firm that he started only a year ago with doctors Brian and James Cotter to pioneer a doctor-led approach to aesthetic treatments would be able to speed up its growth with funding of at least €50m, most likely from a private equity investor.
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Sisu aims to open at least 20 outlets in London, as well as other cities there where he has identified a growing demand for treatments such as teeth whitening, dermal fillers, botox, lip fillers and laser skin treatment.
The firm hopes to have 40 clinics open next year, from 12 this year, growing to 100 within three years, which might ultimately bring in revenues of about €50m a year.
Expansion in the US and a transition to a more corporate culture and structure with increased management could temper the firm's ambitions, but with the UK and US retail sectors facing unprecedented shop closures, landlords welcome tenants such as Sisu, and its patient-centric focus may succeed, Phelan said.
Sisu's three co-founders own a majority stake in the firm between them. Other backers incude Silicon Valley Bank's Barry O'Brien, PCH Technologies founder Liam Casey and Voxpro founders Linda and Dan Kiely.
Phelan sold payment fraud detection firm Trustev to TransUnion for $44m (€38.6m) in late 2015.
Sunday Indo Business