Consortium of banks takes over Ultralase

A financial restructuring of laser surgery provider Ultralase has seen ownership of the company change hands from private equity firm 3i to a consortium of banks including Royal Bank of Scotland and Barclays.

A report in the Mail on Sunday claimed that the eye surgery provider was seized from 3i and forced through a prepack administration in March. However, Ultralase chief executive Tony Veverka explained: 'This was not a quick thing or a rushed thing. It wasn't an emergency. It was effectively a debt for equity swap, the banking syndicate supported the business and the management team by reducing the levels of debt in exchange for equity in the business.'