Dermatologist to the stars Shobhan Manoharan has sold his practice for $10m

A high profile Brisbane medical specialist whose patients have included the English cricket team and pollies, has sold his medical practice for $10m to a private equity group.

BRISBANE celebrity dermatologist Shobhan Manoharan, whose patients have included the English cricket team and high-profile pollies, has sold his medical practice for $10m to a private equity group.

Manoharan’s three Brisbane Skin clinics have been picked up for the eight-figure sum by the Aura Medical Group, which is backed by Fortitude Investments.

Manoharan gained international exposure in 2010 when he removed a melanoma from under the right eye of the then English cricket coach Andy Flower.

The surgery undoubtedly saved the life of Flower, a former captain of the national Zimbabwean team, and prompted the entire English team to undergo skin checks.

Manoharan also has performed skin checks for politicians including Barnaby Joyce and Peter Dutton and was a consulting dermatologist for L’Oreal Paris Skincare.

Manoharan says he will stay on as a consultant with Brisbane Skin following the sale, which underscores growing interest in dermatology and cosmetic surgery from deep-pocketed investors. Manoharan says the deal is the first big amalgamation in Australia of a group of private dermatology clinics but it would not be the last.

r Shobhan Manoharan and registered nurse Dimity McKay

“We have seen these amalgamations in other areas of medical practice such as radiology but we are the first in dermatology,” he said. “It is quite common in the US where 10 per cent of dermatology practices are owned by larger groups. It will occur more and more here because there is a lot of appetite from funds.”

Brisbane Skin has clinics at Newstead, Manly and North Lakes offering state-of-the-art laser and surgical technology in luxury surroundings.

“One of the things that attracted Aura was the fact we are one of the biggest laser treatment clinics in the state,” says Manoharan.

Lasers are used in a variety of medical and cosmetic treatments to help reverse sun damage, treat skin cancers, reduce wrinkles, age spots, acne scars, and other blemishes.

His wife Patricia Manoharan also is a doctor and serves as the managing director of the practice. “We had a plan when we started Brisbane Skin seven years ago that we wanted to attract this sort of investment,” says Manoharan.

England cricket team coach Andy Flower during press conference in Adelaide after the melanoma was removed from his face.

Manoharan studied medicine at the University of Queensland, worked in the United Kingdom and Australia, and has extensive surgical experience in cosmetic and laser dermatology.

He also is a senior lecturer at the University of Queensland and Griffith University involved in the training of dermatology registrars, medical students, general practitioners and pharmacists in all aspects of dermatology. “Dermatology is a pleasure and a passion for me,” he said.

BOATING BOOM

THE luxury boat industry on the Gold Coast is continuing to boom, fuelling a burst of new locally designed and produced motor yachts.

Family-owned luxury yacht manufacturer, Maritimo, which is based within the Gold Coast’s Marine Precinct, says interest from domestic and international markets has exploded in the past 18 months. Maritimo joins fellow Gold Coast luxury boat builder Riviera in taking advantage of increasing demand for motor yachts.

Maritimo director of design Tom Barry-Cotter says the boat builder was positioned to experience 20 per cent annual growth year-on-year over the next three years, with orders for new motor yachts sold out beyond mid-2024.

Maritimo Designer Tom Barry-Cotter. Picture: Mike Batterham

“Everything from web traffic to inquiry and sales figures are at record highs,” Barry-Cotter says. He says two key factors are driving growth – a strengthening global economy and Maritimo’s large scale new model roll-out.

On the back of rising wealth, the global market for luxury craft is projected to jump to US$84.7 billion by 2027.  This is up from US$64.1 billion in 2020 when the Covid-19 crisis began, according to the latest Yacht Industry Global Market Trajectory and Analytics report.

“Boating is a safe, family-friendly activity and has certainly become an ideal alternative to international recreational travel during the past 18 months,” Barry-Cotter says.

Even from markets where travel wasn’t so heavily restricted, such as the United States, Maritimo was experiencing record sales and inquiries, he says.

“We are seeing record interest and sales from Australia, New Zealand and North America,” he says. “Over 50 per cent of our production is exported around the globe.”

He said Maritimo’s large scale new model development strategy would see the company globally launch eight new models by the end of the year.  Two of those models, the new M55 Flybridge Motor Yacht and S55 Sedan Motor Yacht, were launched at the Fort Lauderdale International Boat Show in Florida in late October.

YUM MOVE

BRISBANE boy Adrian Osman is going from strength to strength with his mobile payments company Mr Yum attracting $89m in its latest capital raising.

Osman, who is co-founder of the company with chief executive Kim Teo, says the funds will help expand Mr Yum’s activities across Queensland.

Mr Yum CEO Kim Teo. Source: Supplied.

Queensland venues using Mr Yum include Fiume Bar, The Plough Inn and 5 Boroughs.  ”This new funding will help cement our ambitious growth plans for Queensland,” says Teo. “It’s been awesome to see some of the best operators around the state embrace Mr Yum and we’re really excited to triple our Queensland team over the next 12 months.”

Even before the pandemic, Mr Yum led the way with web-first mobile ordering using QR codes. It is now used in casinos, theatres, shopping centres, cinemas, cruise ships and

airports as well as restaurants, bars, pubs and cafes. The company has grown from 12 to more than 120 full-time staff in the past 18 months, with teams in Sydney, Brisbane, London, Los Angeles, the Philippines and the Melbourne headquarters.

CLEAR MINDS

THE last couple of years have been pretty tough on people so it’s good to see Maha Sinnathamby’s Springfield City Group rolling out more mental health services.

Omega Mind Clinics, a specialist mental health service, opened last week staffed by six psychiatrists and is already facing a three-month wait list.

Omega Mind Clinics co-director Dr Jasvinder Singh, an experienced consultant neuropsychiatrist, says plans are already in place to double the number of specialist staff next year to improve patient access to psychiatric services.

Regarding the three-month wait list, Singh says specialists “around the world” were experiencing an increased presentation in people with mental health issues, most of it on the back of Covid-19. Singh says Omega Mind Clinics is a multicultural practice, catering to the needs and challenges for people with varied backgrounds.

Another important factor in the decision to set up in Springfield City was the proximity to the new 174-bed Mater Public Hospital to be built in Health City Springfield Central, a 52-hectare integrated health precinct which houses the specialist medical suites and the existing 80-bed Mater Private Hospital.

LOCK AND KEY

LOCK giant Assa Abloy’s security key business Traka has opened an experience centre in Lytton showcasing their various products.

Traka systems enable people to safely store and charge personal or pooled devices, equipment and other valuable items when not in use.

That includes everything from a temporary deposit locker for personal items or cell phones, to laptop and tablet management lockers. Traka, which manufactured the world’s first electronic key management system in 1990, has a similar centre in Johannesburg.

Traka executive Martin Woodhouse says the centre is conveniently located 15 minutes from the CBD and spans two floors featuring the training facility, warehouse and production sites, office space and a solution showcase area.

Construction began in April 2020 and after a year of conducting readiness trials and tests, the centre is now officially open to all customers and partners.