The rise and fall of the Health Clinic

1977: Founded as a contact lens clinic based in Newcastle
1987: Business incorporated as Peter Millican Associates. Rapid growth after purchase of Contact Lens Clinic from Smith & Nephew plc
1996: £23m management buy-in by former Tesco financial director Bharat Patel and bank Dresdner Kleinwort Benson. Awarded 'Best Eye Exam' by The Evening Standard
1997: Name change to The Eye Clinic. £900,000 purchase of Kemps Contact Lenses in Manchester.
1998: Glasgow branch awarded 'Best Eye care Practice'
1999: Parent company changes name to The Health Clinic, synonymous with its various services introduced the following year. Newcastle branch awarded 'Best Eye care Practice'.
2000: Health Clinic goes to the City in a flotation valuing the business at £64.9m. Laser vision correction, dentistry, physiotherapy, chiropody and 'health screening' tested at the group's Newcastle flagship. Expansion plans helped by sales up 16 per cent to £8.9m in the six months to October.
2001: Six new outlets open. In the year to April 30 turnover is up 25 per cent to £20.3m. December 30, The Sunday Times tips its shares as one of the best City buys for 2002
2002: New prestigious outlets open on the Strand in London, and in Belfast. There are now 12 Eye Clinics, and Health Clinics. The company's difficulties begin in June when the publication of its results are postponed because of non-cash accounting issues, causing shares to halve to 74.5p. Finance director Graeme Walker steps down after pre-tax losses of £800,000 are revealed. An accountancy review of £2.3m costs related to laser refractive business takes place. In August a cash shortfall of £3m causes shares to plummet to 17p. Shares are suspended in September at 13.5p. Mr Walker is sacked from the company for 'gross misconduct'. Health Clinic plc is placed in administration on October 11.