MMC Ventures (MMC), a venture capital firm investing in growth companies, today announced that after its initial £865,000 investment it has made a further equity investment of £1.4 million in The Practice plc (The Practice), a primary healthcare company delivering patient-focused care in partnership with local Primary Care Trusts (PCTs) and General Practitioners (GPs). The Practice manages a portfolio of surgeries on behalf of GPs - allowing them to concentrate on practicing medicine without the burden of administration - and provides primary care service contracts to PCTs. MMC first backed The Practice (then trading as Practice Networks) in Q4 2006 and this follow on investment will be used to increase the number and geographical spread of surgeries managed by The Practice and to win additional service contracts with PCTs. Since MMC's initial investment, The Practice has acquired a further three surgeries and now manages five surgeries in Great Missenden, High Wycombe and Salisbury. In addition, The Practice has secured contracts with several PCTs within the Thames Valley, the Midlands and the South West and provides services including ophthalmology, sexual health, secure health and urgent care. The Practice was established in 2005 by a management team comprising two NHS clinicians, Jeremy Rose and Ajit Kadirgamar, and experienced businessman Peter Watts. They bring a clinical and commercial perspective to the business, which ensures that The Practice makes patient care the priority whilst being run on sound commercial principles. The company is well positioned to respond to the NHS policy of Practice Based Commissioning (PBC), benefiting from the government's efforts to alleviate pressure on acute trusts by treating patients at the local level where appropriate. “The Practice is doing a great job of letting GPs get on with what they want to do - practising medicine - by taking administration off their hands” said Chris Clothier who led the rights issue for MMC. “GPs like the fact that the management includes doctors who speak their language.” “We very much welcome the investment,” commented Peter Watts, CEO of The Practice. “With a proven sales and marketing formula we plan to use it to further fuel fast growth and exploit the new areas of opportunity that are developing for our existing surgeries.” On the re-branding Peter added, “As the NHS continues to change we will be able to deliver better and broader services. Practice Networks has become The Practice and with it comes a consistent look and feel which will allow patients to recognise our company as a whole rather than as individual services and surgeries." For more information on this news item please contact
Peter Watts 01494 690999 Notes for editors: Peter Watts (Chief Executive)
Dr Jeremy Rose (Clinical Director)
Dr Ajit Kadirgamar (Director of Surgeries) MMC Ventures Ltd (MMC) is a venture capital firm which invests in fast-growing young companies where it believes it can add value and help accelerate that growth. It has substantial capital available through managed Funds and a Syndicate of over 50 experienced business angel investors who provide mentor capital to portfolio companies. MMC is a generalist investor with a particular interest in healthcare, financial services, technology and business support services due to its focus on growth. Founded in 2000, MMC has made 17 investments, two of which have exited on AIM. It seeks to make two to four new investments each year in companies requiring initial funding of £500,000 to £5 million, and has the capacity to follow its money in further rounds of funding. For further information: www.mmcventures.com | 
