THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
2020 Optical Store sold to Vision Express

London's largest independent optician Designville, which trades as 2020 Optical Store, has been sold out of administration to Vision Express for an undisclosed sum.

GENERAL MERCHANDISE

2020 Optical Store sold to Vision Express

The Bloomsbury store, which specialises in Seiko, Carl Zeiss and Nikon spectacle lenses, has annual sales of around £3.4 million and employs 25 people. The business had been trading for more than 20 years when it was placed in administration earlier this summer.

Asset valuation and recovery specialist Winterhill Largo assisted joint administrators, Lloyd Hinton and Tony Hyams of Marriotts Recovery, in selling the business to Vision Express.

Neil Duckworth, chief executive of Winterhill Largo, said: “This was a challenging assignment for us. Designville’s financial problems stemmed from the economic downturn, exacerbated by the collapse of a laser eye surgery business to which they were sub-letting part of the store, and the news had already reached the public domain.

“We worked closely with the joint administrators from Marriotts Recovery, who decided to continue to trade the business as a going concern, retaining key staff, while also actively seeking a buyer.”

The business was sold to Vision Express prior to the rent quarter date in June with secured creditors repaid in full.

Finance for the wage roll and essential supplies was provided by short term funding provider, Winterhill Liquidity, enabling the joint administrators to continue to trade the business. 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing