Specsavers looks to European expansion

The multiple has had a presence in the Netherlands since 1999, but the announcement of the imminent purchase of 10 Prins Brillen group outlets has coincided with a statement by Specsavers boss Doug Perkins that the business was looking at new markets on the continent.
'Our success in Holland gives us confidence that the Specsavers concept will succeed in many countries,' he said. 'We are developing opportunities in several European countries.'
Perkins believes the acquisition of the majority of the Prins Brillen group practices Ð its four remaining outlets will continue to trade Ð marks an important step towards 'Specsavers Opticiens' becoming the market leader in Holland.
'With 61 stores, four out of five people [in Holland] are within 20 minutes of a Specsavers Opticiens,' he said. 'Our stores sell far more frames than any other opticians, so we believe that being market leader is certainly a realistic goal for us.'
The 10 new additions, six of which are in Amsterdam, will be refurbished in October, bringing them into line with current Specsavers Opticiens branding. All current staff will be retained and a further 15 jobs will be created. Specsavers is also in the process of recruiting new partners to take over the running of the stores.
Reidar Bakker, Specsavers European business development manager, said: 'We're aiming to strengthen our market position in other regions, as well as recruiting new partners. We're also looking at acquiring other existing businesses.
'Our joint venture partnership is very attractive proposition. It is this formula that enables us to plan for continuing expansion. The opportunity to acquire these 10 stores was extremely appealing in order to strengthen our business in the strategically important areas of Amsterdam and North Holland.'
Director of Prins Brillen, Joop Michielsen, said: 'We had to think long and hard about becoming part of a larger company. But we were very aware that we would have to do so at some point in order to secure our future. Like Prins Brillen, Specsavers is a family business and the two companies share a common belief that high quality eye care should be available at affordable prices.'
Find out more about the Dutch optical market at www.optometryonline.net
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