Specsavers snaps up £9m optical business

Specsavers Opticians has added to its Scandinavian presence less than three months after entering the region. The Guernsey-based business has bought a second Swedish optical group, this time TvŒ BlŒ, which runs 19 optician franchises, and has annual sales of around SEK125m (£9.1m). It is an important step towards Specsavers becoming market leader in Sweden. The deal, which was signed on Friday [2 July], follows the acquisition in April of the Blic optical chain which now has 35 practices. At that time, Specsavers announced its intention to double the number of practices it owned in Sweden, from 34 to over 70, in three to five years. Reidar Bakker, director of international business development for Specsavers, said: 'We are happy that this deal was successful because our businesses are very similar. Specsavers, Blic and TvŒ BlŒ are run with franchise or joint venture partnership practices. 'Apart from that, TvŒ BlŒ practices are very strong in their local markets and are mainly located in the north and west of Sweden, which complements Blic which has a greater presence in the south and east. 'It also means more opportunities for entrepreneurial practitioners who want to join us as partners.' TvŒ BlŒ was founded in 1999 from a group of eight franchisees with Blic. Today the company has 19 practices, with a head office in Sundsvall, north of Stockholm. Tibor Caro, chief executive officer at TvŒ BlŒ, said: 'We didn't plan to sell the company but when Specsavers contacted us, we could only see benefits with their proposal, both for our clients and us. With fashion and a wide selection we make eyewear fun; and with the affordable pricing and reliability we make it possible for people to own more pairs of spectacles. Specsavers' view is the same and, together, we can achieve far more.' In a statement on Wednesday (July 7) a spokesman for Specsavers said the group intended to continue its expansion and further acquisitions were being considered. Specsavers is now one of the five largest optical retailers in the world, with more than 600 practices in the UK, Ireland, the Netherlands and Sweden.