Ex-Boots boss hopes to spark Revolution

Optical Revolution, the high street opticians business, has announced it is planning a 1m raid to buy an optical retail chain in London.
And the ex-managing director of Boots retail operations has emerged as one of the figures behind the multi-million pound programme to create a new multiple in the profession.
Ken Piggott, who left Boots two years ago, and his Optical Revolution colleagues expect to make their first high-profile acquisition in the New Year with the purchase of a number of outlets in the capital.
As non-executive chairman Piggott is a key member of the optical retail concept fronted by ex-Tempo Electrical boss Michael Kraftman. Chief executive Kraftman launched Optical Revolution in Colchester in 2001 with plans to launch a national business of over 200 stores.
Since then the group has best been described as a 'sleeping giant' - having big plans but opening just one further store, this time in Norwich.
However, all this is about to change, Kraftman told optician this week (see column). The business, Optical Partners plc, has raised an initial 1m by the issue of five million ordinary shares at 20p each through an 'offer for subscription'.
'We're using this money to make its first acquisition, a small group of opticians in London,' he said. 'As it's in "legals" at the moment with a confidentiality clause and an "exclusivity" clause until contracts are signed, it is sensitive on both sides.'
The group is aiming to complete the transaction at the end of January. He said this was the first phase of a four-part plan to acquire up to 300 stores, and the business aimed to attract 3.5m in this funding round which would finance the acquisition and refurbishment of a total of 10 outlets.
During phase two, anticipated to be within 12 months, the company plans to float on AIM, and add a further 30-35 stores, bringing the total to 45. Phase three will add a group of 80 stores and phase four will bring the total to 250.
Piggott joined Boots in 1970. He became beauty business general manager in 1986, then managing director of Children's World, Do It All, Halfords and Boots The Chemists successively.