Visionary deal from Clydesdale clears the way for a bright future for Birmingham optical group

Birmingham Optical Group, one of the UK’s largest suppliers to the ophthalmic profession, has recently come under new ownership, with the existing management team buying out the Group from its previous owners in a deal arranged and financed by Clydesdale Bank’s Specialist & Acquisition Finance team in London.

The company, founded in 1957, has annual turnover of approximately £13.5 million. They have a strong reputation that has been built upon the reliable supply of an extensive range of high quality instruments and machines in conjunction with world class partners such as Nidek and Oculus.

The terms of the deal, arranged by Clydesdale Bank’s Specialist & Acquisition Finance team based in London are undisclosed.

Commenting, Paul Argent, Director, Specialist & Acquisition Finance in London said:

“This is a significant deal for Clydesdale Bank. By working as an integrated team, we were able to deliver a tailored financing package which precisely matched the needs of the business moving forward.

“We are delighted to be supporting Chris and his strong management team and are excited by the business’s prospects. We look forward to continuing to work in partnership with Birmingham Optical Group in the future.”

Chris Tyler, CEO of Birmingham Optical Group said:

“We thoroughly appreciated Clydesdale’s fresh approach and teamwork throughout the financing process and very much look forward to developing a successful working partnership with Clydesdale’s London team going forward.

“Clydesdale is committed to providing a highly professional service while also adding value for its customers. The high level of expertise provided by Clydesdale’s Specialist & Acquisition Finance team played an essential role in making this deal a reality.”

Other parties involved in the transaction included Vantis and Brown Rudnick, who provided accounting and legal services respectively to Clydesdale Bank, and EMW Law, who provided legal services to the new Birmingham Optical Group management team.

A major player in the SME and mid-corporate banking markets, Clydesdale Bank is actively growing its business banking offering through its unique, UK-wide network of 74 Financial Solutions Centres. The centres offer an integrated service for businesses and high-net-worth individuals.

Each FSC can offer expert advice on all business banking disciplines and includes specialists in asset and invoice finance, wealth management and treasury solutions. Customers, who are referred to as members, are also able to take advantage of the conferencing facilities available at any FSC anywhere in the country as and when they require them.