Optical Express buys Co-Op Eyecare group

The Co-Operative Group has confirmed the sale of its Eyecare Opticians business to Scottish chain Optical Express for an undisclosed sum.
Optical Express Ð which also trades under the name Specialeyes Ð has 92 existing outlets throughout Scotland and England. It had submitted a bid to the Co-Op board (News, August 31), which was accepted on September 5. All financial details of the transaction are being kept confidential.
There are 34 Co-Op Eyecare branches in the north west, north east, Yorkshire, Midlands and the south west. All branches will now trade as Optical Express. All 150 members of staff were transferred on Monday and are now Optical Express employees.
There are a few towns currently served by both Optical Express and Eyecare outlets.
An Eyecare spokesman said: ÔThis is good news for all concerned. With such a small number of branches, we clearly lacked the critical mass to operate profitably in this increasingly competitive market. Optical Express, on the other hand, with a complementary network of 92 branches, is now poised for further growth.Õ
Optical Express spokesman Jack Irvine said: ÔWe chose Eyecare Opticians because it was an excellent geographical and strategic fit for the future.
ÔThis is a hugely significant step forward for our group. It is a very competitive market and some small chains will find it difficult to survive.
ÔI believe, however, that some of the other larger groups are also finding it increasingly more difficult to compete and that profitability is a serious issue for them.Õ
The proceeds from the sale will be reinvested in the Co-Operative GroupÕs core businesses, food retailing, funerals and independent travel.
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