Norway is next target for ambitious multiple

Norway is the latest target of Specsavers Opticians' growing European empire.
The Guernsey-based business will open its first outlet in the Nordic country next week (June 20), and this will be followed up by 20 other outlets by September. Ambitious plans are already in place to open a chain of 60 'Specsavers Optikk' outlets there within three years.
'The market in Norway is ripe for development,' said Doug Perkins, Specsavers founder.
'Our research has shown that there is strong demand right across the Scandinavian region for top quality, stylish eye care and a professional service that doesn't cost the earth.
'Norway has the second highest average spend on specs in Europe and prices are more than twice the UK average.'
He added that Specsavers' purchasing power means that 'we can deliver quality at low prices, which is currently not available to Norwegian customers' and is confident of 'great success' in the market. 
The company confirmed that its partnership approach will be replicated across Norway, with stores opening in most major population centres.
Specsavers expanded into the Netherlands six years ago, and in April 2004 purchased its first group in Sweden, where the company now is the third largest optical group.
This week Perkins said he believed that the entry into Norway would strengthen Specsavers' grip on the European optical market.
'We have had our eye on the Scandinavian market for some time,' he said.
'Our phenomenal growth in the UK, and the formula we have in place here, has earned us a market leading position. We plan to replicate this in Europe through an aggressive expansion programme and acquisition trail in the next five years.'
david.challinor@rbi.co.uk