THISTLE HOLDCO LIMITED
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Cash
£790K
lowest in 3 filed years
Net assets
-£58M
lowest in 3 filed years
Employees
552
Average over period
Profit before tax
-£24M
Period ending 2025-03-30
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
3-year trend · vs Industrials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-03-30
| Metric | Trend | 2023-03-31 | 2024-03-31 | 2025-03-30 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £46,786,371 | £59,780,499 | £62,924,779 | — | |
| Operating profit | -£4,649,690 | -£12,588,521 | -£14,327,046 | — | |
| Profit before tax | -£22,609,261 | -£20,923,214 | -£23,544,618 | — | |
| Net profit | -£21,950,739 | -£20,916,944 | -£23,543,712 | — | |
| Cash | £3,132,207 | £1,016,750 | £790,252 | — | |
| Total assets less current liabilities | £82,948,168 | £36,009,662 | £26,950,067 | — | |
| Net assets | -£19,929,594 | -£34,860,437 | -£58,492,299 | — | |
| Equity | -£19,929,594 | -£34,860,437 | -£58,492,299 | — | |
| Average employees | 441 | 579 | 552 | — | |
| Wages | £10,817,272 | £13,433,014 | £13,232,706 | — | |
| Directors' remuneration | £215,738 | £308,681 | £478,330 | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. Year-on-year comparison hidden: this filing covers about 12 months versus 12 months prior. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-03-31 | 2024-03-31 | 2025-03-30 |
|---|---|---|---|---|
| Operating margin | -9.9% | -21.1% | -22.8% | |
| Net margin | -46.9% | -35.0% | -37.4% | |
| Return on capital employed | -5.6% | -35.0% | -53.2% | |
| Current ratio | 0.62x | 0.15x | 0.17x | |
| Interest cover | -0.67x | -1.51x | -1.55x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- Forvis Mazars LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“On the basis of this assessment, the Directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the adjustments that would result if the going concern basis were to be inappropriate.”
Group structure
- THISTLE HOLDCO LIMITED · parent
- Thistle Bidco Limited
- Kingdom Holding Group Limited 100%
- The Real Good Dental Company Limited 100%
- Westerwood Smile Limited 100%
- Firth of Forth Clinical Limited 100%
- Gorgie Dental Limited 100%
- H Maclean Limited 100%
- Bathgate Dental Practice Ltd. 100%
- Byres Road Dental Practice Ltd 100%
- BMR Holdco Limited 100%
- Blackhills Clinic Limited 100%
- A&S McGregor Ltd. 100%
- The Renfrew Dental Centre Limited 100%
- Essential Dental Care Ltd. 100%
- Eilertsen Holdings Limited 100%
- Eilertsen Dental Care Limited 100%
- Glenburn Dental Limited 100%
- Skye Dental Limited 100%
- Devonshire Dental Care Limited 100%
- West Kilbride Dental Surgery Limited 100%
- Blue Door Dental Limited 100%
- Iriston House Dental Practice Limited 100%
- Blue Door Too Limited 100%
- Dumfries Limited 100%
- Kirkintilloch Orthodontics Limited 100%
- O'Hagan & Murray Limited 100%
- Enamel Dental Holdings Limited 100%
- Molesey Dental Practice Limited 100%
- Enamel Swallownest Limited 100%
- Brooklands Dental Clinic Limited 100%
- The Dental Clinic Limited 100%
- DS Studios Limited 100%
- Enamel Lightwater Limited 100%
- Enamel Priory Park Limited 100%
- Enamel St Neots Limited 100%
- Excellence in Dentistry Limited 100%
- Duke Street Dental Care Limited 100%
- Enamel West Byfleet Ltd 100%
- Enamel Sale Ltd 100%
- Enamel Three Ltd 100%
- Incisive Smiles Holdings Limited 100%
- M.F.D. Associates Limited 100%
- Coppertop Surgery Limited 100%
- Tooth Doctor (UK) Limited 100%
- Down House Dental Practice Limited 100%
- Incisive Smiles Woking Limited 100%
- Westcliff Dental Practice Limited 100%
- 340 London Road Ltd 100%
- Taimoordaanish and Co Limited 100%
- RGDC INT Limited 100%
- Thistle Finco 1 Limited 100%
- Thistle Finco 2 Limited 100%
Significant events
- “Subsequent to the year end, the Group's revolving credit facility of £30m, which was due to expire on 31 January 2026, was extended with Santander UK PLC to 31 March 2027.”
- “During FY26, the Group received additional shareholder loan funds of £2.5m from it's parent undertaking to support working capital requirements.”
- “The Group completed the sale of five dental practices:- November 2025: DS Studios April 2026: Heritage, Cupar, Bluewater & Westerwood Merchant City.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
8 active · 2 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| OAKWOOD CORPORATE SECRETARY LIMITED | Corporate Secretary | 2021-07-15 | — | — |
| ABOUCHALACHE, Fady Michel | Director | 2021-06-01 | Oct 1964 | American,French,Lebanese |
| DIB, Joseph Patrick | Director | 2021-04-19 | Mar 1980 | American |
| GOHEER, Usman Aziz | Director | 2021-06-01 | Sep 1982 | British |
| HANS, Jagdeep Singh, Dr | Director | 2021-06-01 | Jun 1988 | British |
| KUMARAVEL, Vigneshwar | Director | 2024-09-25 | Aug 1991 | British |
| RICHARDSON, Jeremy Robert Arthur | Director | 2024-03-28 | Sep 1970 | British |
| TINNING, Murray John | Director | 2026-03-19 | Apr 1985 | British |
Show 2 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| AINLEY, Harvey Bertenshaw | Director | 2024-03-28 | 2026-03-12 |
| KEEGANS, Peter | Director | 2021-06-01 | 2024-07-26 |
Ownership
Persons with significant control
Filing timeline
Last 20 of 52 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-06-30 | AA | accounts | Accounts with accounts type group | |
| 2026-05-27 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2026-03-30 | AA01 | accounts | Change account reference date company current shortened | |
| 2026-03-26 | AP01 | officers | Appoint person director company with name date | |
| 2026-03-16 | TM01 | officers | Termination director company with name termination date | |
| 2025-10-14 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-06-26 | AA01 | accounts | Change account reference date company previous extended | |
| 2025-05-13 | RP04SH01 | capital | Second filing capital allotment shares | |
| 2025-05-07 | AA | accounts | Accounts with accounts type group | |
| 2025-04-30 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-03-27 | AA01 | accounts | Change account reference date company previous shortened | |
| 2025-01-14 | SH02 | capital | Capital alter shares subdivision | |
| 2025-01-13 | SH08 | capital | Capital name of class of shares | |
| 2024-11-27 | AA | accounts | Accounts with accounts type group | |
| 2024-10-14 | AP01 | officers | Appoint person director company with name date | |
| 2024-09-12 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-08-19 | TM01 | officers | Termination director company with name termination date | |
| 2024-04-24 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-03-28 | AP01 | officers | Appoint person director company with name date | |
| 2024-03-28 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 6
- Capital events
- 3
- Officers appointed
- 1
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.