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Tesco to sell opticians to Vision Express
Posted on Thursday, 20 April 2017 13:26
UK grocery giant Tesco has inked an agreement to divest its opticians division in the UK and Ireland to Vision Express for an undisclosed amount.
No financial terms of the deal were disclosed.
Tesco Opticians currently has 206 optical stores in the UK and three in Ireland and is also active online.
The division, which employs more than 1,500 staff, all of whom will be retained upon completion of the deal, and posted revenues of around GBP 90.00 million in 2016.
Vision Express is owned by Dutch giant Grand Vision and following completion, the company will operate 598 outlets across the UK.
Matt Davies, chief executive of Tesco UK and Republic of Ireland, noted: "This allows us to further simplify and strengthen our UK business and ensures our customers are still able to enjoy high quality eye care services from Vision Express in our larger stores.”
Completion is expected later in 2017, subject to the go ahead from the Competition and Markets Authority.
Tesco has already sold off its Giraffe restaurant chain, Harris & Hoole cafes, Dobbies garden centres and Turkish Kipa chain ahead of a planned purchase of UK grocery wholesaler Booker Group.
The company agreed to snap up Booker for around GBP 3.65 billion earlier this year as part of its growth strategy by creating the UK's leading food business with a combined expertise in the retail, wholesale, supply chain and digital markets.
Closing is slated for late 2017 or early 2018, with the deal still awaiting shareholder and court approvals.
Cheshunt-based Tesco is billed as one of the world’s largest retailers, with over 476,000 employees across 11 different countries.
In the financial year ended 31st December 2016, the firm generated revenue of GBP 55.90 billion, a slight increase on GBP 53.90 billion in the previous 12 months.
Net profit before tax for the period totalled GBP 145.00 million (FY 2015: GBP 202.00 million).
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