GrandVision Ð the French parent company of Vision Express Ð is selling its photo division to focus on optics.
The move follows the opening of 111 new optical outlets last year when profits halved to 15.1m euros (£9m) from 32.3m euros.
It is the latest development for Vision Express after a number of new appointments were made to its board at the turn of the year.
In January 1999, Grand Vision started a three-year re-branding of the group with its ÔOptical LabÕ concept for the 103 owned and 83 franchised outlets in the UK and Ireland.
The new look appeared to have paid off when first quarter results showed sales up 15 per cent, with the new outlets recording a 15-20 per cent gain over old concept stores. Then, late last year, Jerry Lewis, director general and one of the men behind the companyÕs new look, and financial director Antonio Trapani both resigned (News, January 12).
This weekÕs deal Ð worth FF1.84bn (£171m) Ð sees Photo Service, Photo Station and GrandVisionÕs Benelux and Swiss subsidiaries transferred to European venture capital group Cinven on May 31.
Grand Vision president of the Board of Trustees Michael Likierman said: ÔWith all the burden of debt removed and the refocus on a single and promising business, optical retailing, in which we are one of the world leaders, we will be well placed to seize future opportunities while concentrating on strongly growing the profitability of our existing businesses.Õ
GrandVisionÕs Europe-wide chain comprises Vision Express Optical Labs, French chains Grand Optical, Generale Optique and the Solaris sunglass chain. Eight outlets have opened this year, bringing the total to 981.