Flawless skin, made a medical outcome.
The UK's first diagnostics-led clinic group built for one thing only — skin quality. Doctor-led, technology-first, and measured. We prove what works, at scale.
Consumers stopped buying hope.
They started buying evidence.
Skincare has moved from beauty to health. Buyers now ask what a treatment does, what it is backed by, and whether it was chosen for them. The industry still answers with trends, brands and volume.
Efficacy over novelty
Demand has shifted to clinical backing and proven results, not the next launch.
Skin longevity
Prevention and skin health over time — not a one-off cosmetic fix.
Personalisation
A protocol built on the individual's skin, not a menu chosen from a wall.
There is a clear gap between what consumers want
and what the market offers.
And getting there today means a tortuous journey
across channels that don't talk to each other.
A £3.4bn market with no one in charge of it.
The biggest operator in the country runs 62 sites. There is no national brand, no standard of care, and no consolidator. The category is waiting for one.
Regulation is about to sort the market for us.
Licensing arrives
England's new scheme puts non-surgical procedures under a formal RAG licensing regime, with premises and practitioner standards.
The tail gets squeezed
Thousands of undifferentiated, non-medical operators face compliance cost they were never built to carry.
Medical-grade wins
A doctor-led, CQC-ready model with real clinical governance starts from the right side of the line.
Fragmentation plus regulation is how consolidation opportunities are born. We are building the operator that benefits.
Diagnose. Treat. Prove.
SKINSTATE is a vertically integrated clinic operator — not a marketplace, not a router. Every layer is delivered in our own clinics, by our own clinicians, on our own protocols.
In-clinic services
Clinical-grade energy devices and medical treatments, prescribed from a diagnosis — never from a menu.
Prescription
Oral and topical Rx, doctor-issued — the layer beauty operators simply cannot offer.
Skincare
Medical skincare that extends the protocol into the daily routine, and the relationship between visits.
What we don't do is the strategy.
■ Exclusively skin quality
- Diagnostics-led protocols, doctor-designed
- Energy-based devices as the clinical core
- Prescription skincare & oral Rx
- Results tracked visit to visit, and proven
□ Deliberately excluded
- Dermal fillers
- Body & fat reduction
- Weight-loss programmes
- Laser hair removal
Everyone else widens the menu to chase revenue. We narrow it to own an outcome — flawless skin — and to build the evidence base that comes with doing one thing repeatedly.
We are building the evidence layer
the category has never had.
Every diagnosis, protocol and outcome is captured. One clinic gives you anecdotes. Twenty clinics doing one thing, measured the same way, give you proof — and proof compounds into pricing power, clinical authority and a data asset no salon can replicate.
Objective baseline
Imaging and structured skin assessment at first visit.
Protocol, not menu
Device + Rx + skincare, matched to indication.
Every visit measured
Progress captured against the same baseline.
Efficacy at scale
Outcome data across thousands of tracked journeys.
One clinic pays for itself,
then prints a 39% margin.
Acquisition gets cheaper as we scale.
£233 → £27
Cost per new client falls ~9× from launch to year 6 as spend spreads across the estate. Benchmark: £20–40.
~24% first year
Deliberately conservative — and in line with real operator data we hold for a Milan clinic and a UK multi-site provider.
~2,070 active
Per mature clinic, as retained clients stack on top of new ones.
Marketing settles at ~1% of revenue at maturity — in line with the operators we benchmark against, and a fraction of the tail's cost of chasing one-off footfall.
Twenty clinics in five years.
One repeatable box.
Prove the economics with the first three sites, then repeat a known playbook — three openings a year, rising to four. Every site is the same clinical model, the same fit-out, the same protocols.
£50m revenue. £9.2m EBITDA. Year six.
Clinic-level profit arrives early — the group loss in years 0–3 is the cost of building the estate ahead of scale, not of a broken unit. Central costs dilute from 93% of revenue to under 7%.
£20.9m to build twenty clinics
and the evidence engine behind them.
Clinic build-out
Fit-out and clinical-grade device stack across the estate.
Clinical team
Doctors, nurses and technicians ahead of each opening.
Demand
Front-loaded brand and acquisition while CAC is highest.
Platform
Diagnostics, tracking and the data layer that proves efficacy.
Priced against the comparables
investors already know.
Year-6 exit basis: £52.5m revenue, £11.4m EBITDA on the run-rate view. The valuation dashboard lets an investor select their own comparable set — prestige beauty M&A, studio and franchise operators, listed beauty, medispa platforms and aesthetics device & pharma — and see the implied enterprise value move live.
Prestige beauty M&A
22 disclosed deals, averaging 6.3× revenue / 26.0× EBITDA.
Studio & franchise
Experience-led operators at ~3.2× revenue.
Medispa & devices
Platform and device comparables as a sanity band.
A scientist who built the clinic.
An operator who built the brand.
Dr. Angelo Castello
Immunology at Cambridge & UCL, published in Science. Seven years in Bain's Luxury & Fashion practice, 50+ projects. Founded SOTHERGA, Italy's first luxury aesthetic-medicine brand. Now leading the FaceGym turnaround — 4× studio EBITDA, 13→46 locations signed.
Matt Grech-Smith
Co-founder & CEO of Swingers, where he coined “competitive socialising” — $100m+ raised, six cities, 700+ staff, Fast Company's #4 most innovative live-events company. One of the few British experience brands to crack the US.
Scientific rigour, luxury brand-building and clinic operations on one side; experience design, venue roll-out and institutional fundraising on the other. The exact stack this business needs.
None of this is a guess.
Before writing a business plan we built the UK's most complete aesthetic-clinics dataset — then benchmarked every assumption in the model against it. Each number in this deck is traceable to a live dashboard.
Clinics verified
Segmented, geolocated, revenue-modelled.
Prices captured
Per treatment, per postcode, with source links.
Reviews analysed
What patients actually praise and complain about.
Property units
Real base rents against the £750/m² plan.
Pricing · rent · salary · treatment & machine coverage · catchment demographics — all benchmarked, all linked from the dashboard.
The category has a gap.
We have the proof, the model and the team.
£20.9m · 20 clinics · £50m revenue and £9.2m EBITDA by year six — building the first national brand for medical skin quality in the UK.