Inspecs acquires Norville Group

Jobs at the Norville Group have been saved after Inspecs completed the acquisition of the business’s lens manufacturing operations from its administrator BDO in a deal said to be worth £2.4m.

The acquisition included £1.2m of freehold property for Norville’s Gloucester site and the remainder for stock, plant, intellectual property and contracts. Inspecs said it intended to retain part of Norville’s management team and employees as part of the purchase.

Accounts for the year to December 31 2019 showed Norville had unaudited revenues of £11.8m, loss before tax of £0.79m and EBITDA of £0.39m. The net book value of the assets acquired was £4.9m including the freehold property. Inspecs said the acquisition would be funded from existing cash resources.