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Inspecs Group Acquires UK Eyewear Lens Maker
Wednesday 15 July 2020

UK-based eyewear frames maker and distributor Inspecs Group plc (LSE: SPEC) has completed the acquisition of the manufacturing operations of The Norville Group Ltd from the administrator, BDO LLP, for a total cash consideration of GBP 2.4m (USD 3.03m), the company said.

The acquisition includes GBP 1.2m of freehold property for Norville's Gloucester site and the remainder for stock, plant, IP and contracts.

Norville is a long-established manufacturer of optically advanced spectacle lenses, supplying optical retailers with complete spectacles, including well-known brands, and is considered to have the most advanced portfolio of spectacle lenses in the UK.

The manufacturing operations are undertaken primarily from the business' headquarters in Gloucester, with smaller operations in Bolton, Seaham and Livingston.

Inspecs intends to retain part of Norville's management team and employees as part of the acquisition.

Norville's management accounts for the year to 31-Dec-19 show unaudited revenue of GBP 11.8m, loss before tax of GBP 0.79m and EBITDA of GBP 0.39m.

The net book value of the assets acquired was GBP 4.9m including the freehold property.

The acquisition is being funded from the group's existing cash resources. It is anticipated that this acquisition will be earnings enhancing for the group in the financial year to 31-Dec-21.

With Savile Row (Algha) and Norville, the company has combined two British optical brands - frame maker with lens maker.
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Date Published: 15/07/2020

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