Optical firm saved as administrators conclude deal

A STOURBRIDGE optical firm has been saved from closure after administrators concluded a deal to sell the business to its former owners.

Oakhill Optical Laboratory, which employed 20 people, manufactured lenses for the optical industry. It lapsed into administration last month.

FRP Advisory, the restructuring and advisory firm, confirmed in a statement that its partners Gerald Smith and Ben Woolrych had sold the business and its accompanying assets to new company, Oakhill Optical Ltd.

The new company has been set up by Oakhill’s former owners Stephen Lea and Jamie Sawyer. The deal secures the jobs of all 20 staff, sees the firm remain at its former premises in Lye and ensures continuity of trading.

The business supplies ophthalmic lenses to around 120 opticians and optical professionals across the UK and Ireland and manufactures 2,000 lenses per week.

Oakhill Optical will also  retain the business’s customer base, which includes Boots Opticians, and is in advanced talks with other large optician groups.

The previous company was forced to seek the protection of administration after a deterioration in trading had put unsustainable pressure on its cash-flow.

Gerald Smith, partner and joint administrator at FRP Advisory, said: “This is great news for Oakhill Optical with all jobs secured under new ownership and (its) customers’ needs met thanks to a successful restructuring.  

“With a new ownership structure in place the business can look forward once again to expanding its operations whilst continuing to serve its array of customers, including Boots.”