I Agree

We have updated our Privacy and Cookie Policy. By clicking "I Agree" below, you acknowledge that you accept our Privacy and Cookie Policy and Terms of Use.


This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies used on Trustnet and how you can manage them, see our Privacy and Cookie Policy.

By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms of Use.

For more information Click here



It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

Inspecs Group PLC (SPEC)

Inspecs Group PLC

Acquisition of lens business
RNS Number : 9288S
Inspecs Group PLC
14 July 2020

14 July 2020


Inspecs Group plc

("Inspecs" the "Company" or "the Group")


Acquisition of lens business


Inspecs Group plc, a designer, manufacturer and distributor of eyewear frames to independent and global retail chains, is pleased to announce it has completed the acquisition of the manufacturing operations of The Norville Group Ltd ("Norville") from the Administrator, BDO LLP, for a total cash consideration of £2.4m. The acquisition includes £1.2m of freehold property for Norville's Gloucester site and the remainder for stock, plant, IP and contracts.


Norville is a long-established manufacturer of optically advanced spectacle lenses, supplying optical retailers with complete spectacles, including well-known brands, and is considered to have the most advanced portfolio of spectacle lenses in the UK. The manufacturing operations are undertaken primarily from the business' headquarters in Gloucester, with smaller operations in Bolton, Seaham and Livingston. Inspecs intends to retain part of Norville's management team and employees as part of the acquisition.


Norville's management accounts for the year to 31-Dec-19 show unaudited revenue of £11.8m, loss before tax of £0.79m and EBITDA of £0.39m. The net book value of the assets acquired was £4.9m including the freehold property. The acquisition is being funded from the Group's existing cash resources. It is anticipated that this acquisition will be earnings enhancing for the Group in the financial year to 31-Dec-21.


Robin Totterman, CEO of Inspecs, said:

"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 sale capabilities, we are continuing to grow our vertically integrated business model.


"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.


"The acquisition cements Inspecs' position as the only vertically integrated designer, manufacturer and distributor of eyewear frames and lenses in the UK and provides the Group with a full lens offering domestically and globally. We look forward to welcoming the Norville team into the heart of the Inspecs Group and working together to create a truly cutting edge integrated eyewear business."


For further information please contact:


Inspecs Group plc

Robin Totterman (CEO)

Chris Kay (CFO)


via FTI Consulting

Tel: +44 (0) 20 3727 1000

Peel Hunt (Nominated Adviser and Broker)

Adrian Trimmings

Andrew Clark

Will Bell


Tel: +44 (0) 20 7418 8900

FTI Consulting (Financial PR)

Alex Beagley

James Styles

Fern Duncan

Alice Newlyn


Tel: +44 (0) 20 3727 1000


About Inspecs Group plc

Inspecs is a designer, manufacturer and distributor of eyewear frames. The Group produces a broad range of frames, covering optical, sunglasses and safety, which are either "Branded" (either under licence or under the Group's own proprietary brands), or "OEM" (including private label on behalf of retail customers and un-branded). As one of only a few companies that can offer this one-stop-shop solution to global retail chains, Inspecs is well positioned to continue to take market share in the globally expanding eyewear market.


Inspecs customers include global optical and non-optical retailers, global distributors and independent opticians, with its distribution network covering over 80 countries and reaching approximately 30,000 points of sale. In FY19, the Group generated 24.9 per cent. of its revenue in the UK and 75.1 per cent. internationally.


Today Inspecs has operations across the globe: with offices in the UK, Portugal, Scandinavia, the US and China (Hong Kong, Macau and Shenzhen), and manufacturing facilities in Vietnam, China, London and more recently, Italy.


The Group's growth strategy going forward is to: (i) continue to grow organically; (ii) undertake further acquisitions (and drive value through leveraging the Group's internal capabilities); and (iii) extend the Group's manufacturing capacity.


More information is available at: https://inspecs.com  

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

You are currently using an old browser which will not be supported by Trustnet after 31/07/2016. To ensure you benefit from all features on the site, please update your browser.   Close