Optician Duncan & Todd is set for further expansion across Scotland after an investment group agreed to pump nearly £6million into the firm.
The Business Growth Fund (BGF) is ploughing cash into the chain to help it finance a series of planned acquisitions. The fund has drafted in former boss of Ben Sherman and Whyte & Mackay – Bob Brannan – as chairman to help lead the expansion.
Duncan & Todd was established in 1973 and is one of Scotland’s largest independent optical chains, with a turnover of over £10million and employing 182 staff.
It was the subject of a management buy-out in 2007 led by the current managing director, Frances Duncan, who has been with the business for fast approaching 30 years.
She said: “I am very proud of the Duncan & Todd brand and the strong reputation every member of the team has helped create.
“I have always been committed to the business but my allegiance and goals for Duncan & Todd became more evident during the MBO in 2007 and now this growth capital injection from BGF allows me to focus on bringing these goals to fruition in the future.
“We have a clear vision that will see improvements across all divisions in the business. As well as acquisitions in new territories, we are committed to enhancing our existing retail units to cater for our growing customer base.
“We can now increase our manufacturing capacity and strengthen the promotion of our own ‘ID’ branded goods.
“It was important to find a long-term investor of the right quality. The team at BGF share the same values and goals as the Duncan & Todd team and we look forward to working together to generate further success for the business.”
The business operates in three divisions – retail stores offering the full patient journey from professional eye exams to eyewear purchases, DSE compliance and safety eye care services for corporate customers and manufacturing spectacle lenses in its own workshop.
The chain has 23 retail stores spread across cities and market towns in Scotland from St Andrews in Fife to Wick in Caithness.
Patrick Graham, senior investment manager at BGF, added: “Frances and her team have created a profitable business with significant growth potential.
“BGF was established to provide long-term capital to ambitious UK companies and Duncan & Todd most certainly meets all the criteria we look for.