SKINSTATE·02 — BUSINESS PLAN
From the financial model 260207_SkinState_V09.xlsx — 20-clinic UK roll-out over 7 model years (Y0–Y6). Figures recreated 1:1 from the model; use the scenario switch to flip every chart and figure between the Base and Cautious cases. Click ✎ on any commentary to edit it in place.
Headline numbers from the consolidated model — Base scenario.
Three clinics open in Y0, three per year through Y3, four per year in Y4–Y5. Each clinic ramps to ~£4.4M revenue and ~44% EBITDA over 7 years. Group EBITDA turns positive in Y4 once clinic profits outgrow central costs; cumulative cash bottoms at −£19.2M in Y4 — the funding requirement.
Consolidated P&L — clinic portfolio plus central costs (marketing, team, office).
Operating cash flow less clinic fit-out capex; cumulative curve sets the funding need.
All clinics before central costs. Each opening cohort repeats the single-clinic ramp, staggered by vintage. (The model's portfolio revenue and clinic-count charts match the group charts above.)
The unit economics everything is built from — one clinic, years 0–6 from opening. Identical in both scenarios: only the opening schedule and central phasing change.
£'000 · REVENUE → GROSS MARGIN → CONTRIBUTION MARGIN → EBITDA FOR THE SELECTED YEAR FROM OPENING
WIDTH = REVENUE (£'000) · HEIGHT = GROSS MARGIN % · AREA = ABSOLUTE GROSS MARGIN
HOW A CLINIC ACQUIRES, RETAINS AND GROWS ITS ACTIVE CLIENT BASE — YEARS 0–6
% OF AVAILABLE CAPACITY USED · YEARS 0–6 FROM OPENING
The central platform sitting above the clinics — marketing, team and office — and how it dilutes as revenue scales.
Organisation structures with reporting lines, straight from the model's FTE plans — drag the slider to watch each structure build out by year. Team phasing is the same in both scenarios.
CALENDAR YEAR Y0–Y6 · NODES APPEAR AS ROLES ARE HIRED · SALARY PER FTE, +3%/YR INFLATION
YEARS FROM CLINIC OPENING · EVERY CLINIC REPEATS THIS BUILD-OUT · SALARY PER FTE, +3%/YR INFLATION
Two views from the model: an EBITDA-multiple exit at Y6 and its sensitivity to the exit multiple — Base scenario.
| Multiple | Enterprise value | Equity value |
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© 2026 SKINSTATE · source 260207_SkinState_V09.xlsx (V09) — sheets "Consolidated P&L" / "Clinics Portfolio P&L" / "Single Clinic P&L" / "Scenarios" · Base = model's cached values; Cautious = same workbook recomputed with the scenario switch set to Cautious · £'000 in tables, £M in charts · page generated 2026-07-22