Background: The client was a family owned firm of opticians with 80 outlets across the south of England that also owned a lens manufacturing and spectacles production plant. The company, which had a distinguished history going back over 100 years had a strong reputation for providing the highest standards of eye-care along with friendly customer service.

Issues: This client was referred to Secantor by their bank’s support unit because the company was making year upon year losses amounting to millions of pounds and the future looked very bleak.

Actions: Secantor initiated, guided and achieved the following actions:

  • A comprehensive strategic action plan was prepared to review, recommend and implement substantial improvements and modernisation to all aspects of the business. This was quickly agreed with the Board and approved by the bank.

  • Secantor acting as turnaround director restructured the board and introduced new directors with the retail and finance skills to take the business forward.

  • A new bank was introduced providing much larger funding to invest in essential updating of optical equipment, IT systems, plant & machinery, marketing and retail design.

  • Support associates from Secantor were brought in to analyse existing marketing and IT structures and advise on a new strategy for both areas.

  • The large and lavish head office was sold and all central staff moved to a modern office at the factory site.

  • The lens manufacturing plant was also restructured and investment made in new technology that provided greater capacity and improved productivity & cost savings.

  • A £24m pension deficit was renegotiated and agreed with the Trustees and the Government Regulator, providing a long term solution for 700 professional and support staff.

  • A major culture change to maximise commercial performance was introduced to the entire company.

Outcome: The effect was rapid with the £2m losses being turned into a £250k profit the following year and £1.5m in year two. Performance and profits continued to grow positively, rebuilding value in the business.

In year three Secantor initiated and guided the successful sale of the group to a national chain of opticians for £14 million.

Chairman’s quote:

“Our Secantor FD has had an impact beyond all expectation. It is hard for me to find words to express my gratitude for such a clear-sighted plan, so well implemented”.