Opticians sees growth plans take shape with double acquisition

A LEEDS-based opticians’ vision for national expansion has taken a step forward following its acquisition of two practices.

Bayfields Opticians has bought M.Procter Opticians in Harrogate, which operated on a single site and will be rebranded as Bayfields in line with the firm’s other practices. Shulmans and Raworths Solicitors advised on the deal.

In a deal representing Bayfields’ first acquisition in the West Midlands, using a newly incorporated subsidiary Bayfields (Newcastle), the company has also acquired the business and assets of Newbold Opticians, occupying a prime retail position in Newcastle-under-Lyme town centre.

Marcus Armstrong, partner at Shulmans and corporate finance solicitor, who has acted for Bayfields Opticians in connection with the majority of the firm’s acquisitions, said: “These two deals represent a growth in turnover of almost 25% – an astonishing achievement.  Bayfields Opticians is a truly ambitious firm, having already expanded into the South with four new practices in 2015. Its new Yorkshire site represents its commitment to expanding within the region whilst its first site in the West Midlands underpins its plans for national growth.”

The latest acquisitions take the total number of Bayfields practices up to 14 – further evidence of the group’s intention to achieve its ambitious business plan of having 30 practices by 2019.

Royston Bayfield, managing director of Bayfields Opticians, said: “We are delighted with our latest acquisitions. Harrogate opens up a new area of the region for us, and our expansion into the West Midlands demonstrates our ongoing intentions of creating a truly national offering.

“Our plan is to invest in the latest practices, both in terms of staff and technology, whilst continuing to work with Shulmans Solicitors and Mazars Accountants in acquiring further suitable businesses. We have developed a strong Yorkshire brand and have now established ourselves as a leading provider across the UK, giving us the confidence to systematically expand across all regions until our ultimate goal of being a nationally-recognised opticians is achieved.”