Inspecs grows manufacturing capacity with new acquisition
Bath-based eyewear company Inspecs has acquired the manufacturing operations of a lens business as it continues its push for vertical integration.
Inspecs said it has acquired part of The Norville Group from administrators at BDO for £2.4 million. Norville is a long-established manufacturer of optically advanced spectacle lenses, supplying optical retailers with complete spectacles, including well-known brands. The company is considered to have the most advanced portfolio of spectacle lenses in the UK.
The transaction includes Norville’s manufacturing site in Gloucester as well as smaller facilities in Bolton, Seaham and Livingston. And Inspecs said it will retain part of Norville’s management team and employees as part of the acquisition.
"I am delighted to announce our first acquisition as a plc, in line with our stated strategy at IPO, and there is no doubt that Norville is an excellent fit for the group. With Savile Row (Algha) and Norville, we have combined the two oldest and most respected British optical brands - frame maker with lens maker. With Inspecs' global frame manufacturing, marketing and sales capabilities, we are continuing to grow our vertically integrated business model,” said Robin Totterman, CEO of Inspecs.
He added: "We are also taking this opportunity to integrate our two UK manufacturing sites, and soon we will offer a bespoke Savile Row lens collection to accompany the frames. Our plan is to similarly offer our many licenced brands with high quality bespoke lens packages.”
Inspecs produces a broad range of frames and supplies brands including Superdry, Hype, O’Neill and Radley. The company floated on London’s AIM stock market in March and has offices in the UK, Portugal, Scandinavia, the US and China, as well as manufacturing facilities in Vietnam, China, London and Italy.
Copyright © 2021 FashionNetwork.com All rights reserved.