OPTICAL group Duncan & Todd has acquired Peebles-based Dempster Opticians just weeks after selling a majority stake to Lloyds Banking Group’s private equity arm LDC for £15 million.
As part of a “buy-and-build” strategy Aberdeen-based Duncan & Todd said the six-figure acquisition would strengthen its presence in the Central Belt and enable it to extend the roll out its new audiology service.
Located in Peebles for more than 40 years, Dempster Opticians is a well-established optometrists with a loyal patient base. It has a second branch in Livingston.
Frances Rus, chief executive at Duncan & Todd, said: “Dempster Opticians is a well-regarded optometrists in Peebles, having established a loyal customer base and reputation for high-quality customer service. Welcoming it into the group is an exciting opportunity for us as we look to extend our footprint and bring our market-leading services to new communities across Scotland.”
READ MORE: Aberdeen opticians firm Duncan & Todd is taken over by Lloyds' private equity arm LDC
Ms Rus retains a significant minority shareholding following the deal with LDC, and stated at the time of the investment that that company would embark on an “ambitious growth strategy to identify complementary acquisitions to further expand the business”.
David Davidson, dispensing optician, who has been with Demspter Opticians since 2002, said: “Since my initial meeting with the management team at Duncan & Todd, I have been impressed with their welcoming and professional attitude.”
The business employs four staff, including proprietor Ian Dempster, and all have transferred to Duncan & Todd.
Duncan & Todd confirmed that it had been looking at Dempster ahead of the LDC investment, which was designed to support its growth strategy through complementary acquisitions.
And the group also confirmed that it was continuing to examine further acquisitions, which would be complementary to the existing business.
This business includes a number of brands, including Douglas Dickie in Aberdeen, JM Macdonald in the North, and 2020 Opticians in Glasgow and Edinburgh.
READ MORE: Aberdeen opticians firm Duncan & Todd is taken over by Lloyds' private equity arm LDC
The group said a decision is yet to be made as to whether the Dempster Opticians brand would be maintained, saying: “The business will base any future decisions regarding branding on the best interests of the local branch.”
Duncan & Todd said this first acquisition since LDC’s investment marks the next stage of the its “continued commitment to grow local services and sustain local employment.
The company added that this remained “a key priority for the business as it looks to make further acquisitions across Scotland”.
Ms Rae continued: “On partnering with LDC, the objective was to hit the ground running and identify quality practices that would fit well with the Duncan & Todd ethos of community-driven primary optical care.
“This has been a significant step for the business as we enter the next phase of our growth ambitions.
“With an investment partner on board, we are now well placed to make further acquisitions and roll out complementary healthcare services.”
Duncan & Todd was founded in 1972 and operates through three divisions – retail, manufacturing and corporate. It employs more than 250 people.
It also operates an ophthalmic lens laboratory, Caledonian Optical in Aberdeen. Revenue at the group in the year to March 2017 was £16.7m.
One of the group’s major plans following the deal with LDC is to roll-out complementary healthcare services including audiology.
Ahead of the deal it appointed its first head of audiology with further growth planned in this team.
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