Acquisition trail takes group towards ambitious 2023 growth target
Leeds-headquartered Bayfields Opticians and Audiologists says it is on course to grow to 50 practices by 2023, after completing a series of nationwide acquisitions.
The independent opticians and audiologists group, which is backed by growth capital investor BGF, has acquired 11 practices in recent months in Yorkshire, the North West, London, the South and South East.
Its deal activity brings the number of practices within the group to 33.
Transactions include the purchase of Cottom and Glaister Optometrists in Lytham St Annes, and Duffield & Duffield Ophthalmic Opticians in South Woodham Ferrers in Essex. The deals were completed at the end of January.
The company has expanded its presence in London and the surrounding counties with the acquisition of two Simon Pestell practices in Whitewater and Sunninghill; Houghton White Optometrists in Ewell; the Optical Shop in Staines; Meryl James Opticians in Loughton, Essex; as well as MB Bellmore Opticians in Northcote Road in Clapham.
Bayfields has strengthened its position in the North West, with the purchase of Mullen Opticians in Chester and Pinningtons Opticians in Northwich. And it has acquired Bunnington & Thurling Opticians in York.
As part of the transactions, Bayfields will enhance the suite of services at a number of practices with the introduction of audiology, while investing in a programme of refurbishments.
Royston Bayfield, founder and CEO, said: “Each practice has built up a strong reputation within the local community, and we intend to harness that trust and brand recognition, while introducing new services in certain locations.
“Above all, we intend to maintain a strong focus on enhancing the client journey – something which has been under constant review and refinement during the pandemic.”
In March 2020, BGF invested in Bayfields to support the group’s organic growth – including further roll-out of its audiology services – as well as its ambitious acquisition strategy.
Chris Boyes, an investor at BGF, said: “The level of growth achieved over the course of the last two years demonstrates the ambition and determination to establish Bayfields as a household name within local communities up and down the country.
“The key to success is the commitment to the values and vision that underpin the company and reflect so prominently in the businesses which the group has acquired.
“2022 is another exciting year of opportunity and growth for Bayfields and I have no doubt that the team will achieve the 50 practice milestone by the end of 2023.”
