British eyewear designer and distributor Inspecs has acquired Hong Kong-based optical manufacturer Killine with the support of a £23.3m funding package from HSBC.
The acquisition will allow Inspecs to bring all manufacturing in-house, having previously outsourced it to a third party. The deal will also enable the company to increase international expansion with the opening and acquisition of further international manufacturing plants.
Robin Totterman, founding chief executive of Inspecs, said: ‘We have big plans for global expansion, and the recent acquisition of the French-Asian company, Killine, has given us a second headquarters in Lisbon, ensuring access to the EU market post-Brexit.
‘Currently Europe and the US account for around 70 per cent of sales, but we plan to expand sales in China and India, as well as the rest of the Far East.’
James Dowdall, HSBC's relationship director of corporate banking for City of London, added: ‘Inspecs is an ambitious company and by purchasing an Asian manufacturing business, it is showing the importance of post-Brexit trading routes and geographies to transact with to achieve growth.’