LENSTEC SEES THE WAY AHEAD CLEAR WITH STRATEGIC ACQUISITION

The leading South Wales based supplier of lenses and eyewear to independent opticians across the UK has taken a clear-sighted step forward with the acquisition of a company in Hertfordshire.

Lenstec Optical Laboratories, which employs 84 people at the Bedwas Business Centre, Caerphilly, has completed the acquisition of Tant Laboratories of Bishop’s Stortford which employs 25.

The deal allows Lenstec, which was established over 25 years ago, to move forward its continued plans for expanding the business and creating additional opportunities for expansion of its market share.

Nigel Castle, Lenstec’s major shareholder and managing director, who has become overall managing director, said that the two companies were “a good fit” as they were very similar, and the move would give Lenstec a greater presence in London and across the UK.

Lenstec has built a successful business providing surfaced lens and finished glasses for general wear, as well as high-performance sports use, to opticians in the UK. It has developed relationships with some of the world’s leading frames manufacturers, and invested heavily in the most up-to-date robotic technology to be able to prepare the highest quality lenses to opticians’ specifications. It achieved the 1SO9001 certification for quality in 2004 and was recognised as an Investor in People in November 2005.

“The combined buying power of our two businesses, a strengthened and invigorated management team and our joint technical and IT capabilities will make Lenstec a stronger company, with more opportunities to source investment and create opportunities for further growth at both sites,” said Mr Castle.

Tant and Lenstec will retain their own brand identities and continue to trade independently. Nelson Hawkes, chairman and owner of Tant, has stepped down after almost 45 years in the business, and Tant managing director Gez Donovan, is taking the role of financial director of the combined companies.

Robert Preece of Broomfield & Alexander, who has advised Lenstec for many years, said the two companies were a solid match. “They have known each other for 10 years and share the same quality ethics and reputation amongst independent opticians throughout the UK,” he said.

“It’s a great example of two companies combining to bring their customers greater benefits, and I’m sure that with its commitment to continue to invest in staff training, the latest production equipment, and new products and services, Lenstec has a prescription for a very positive future.”

Broomfield & Alexander advised on the share valuation aspects and conducted due diligence for Lenstec, whilst legal advice was provided by Sian Elvis of New Law Solicitors.