A designer eyewear business has bought up the manufacturing arm of a Gloucester-based glasses company that went into administration.
Inspecs Group, which is headquartered in Bath, bought the assets from Norville Group from administrators BDO for £2.4million.
The deal includes £1.2million of freehold property for Norville’s Gloucester site and the remainder for stock, plant, IP and contracts.
Norville is a manufacturer of optically advanced spectacle lenses, supplying optical retailers with complete spectacles, including well-known brands such as Barbour.
Its operations were undertaken mainly at the company’s headquarters in Gloucester, with smaller bases in Bolton, Seaham and Livingston.
Inspecs, which floated on the AIM market of the London Stock Exchange in February, said it intends to keep on some of Norville’s management team and employees as part of the deal, but it is not clear how many roles have been saved.
Robin Totterman, chief executive of Inspecs, said: “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.”
Inspecs, which owns the factory where John Lennon's famous round glasses were made, said it is planning to integrate its two UK manufacturing sites and would soon offer a bespoke Savile Row lens collection to accompany the frames.
Robin added: “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.”
Norville’s management accounts for the year to December 31, 2019, show unaudited revenue of £11.8million, loss before tax of £0.79million and EBITDA of £0.39million.
The net book value of the assets acquired was £4.9million including the freehold property. Inspecs funded the acquisition with existing cash resources, it said.
