Clydesdale and Yorkshire Banks’ Specialist and Acquisition Finance team in Birmingham has provided senior debt and working capital facilities to support the management succession plans of the Board at its Moseley based customer, Birmingham Optical Group Limited.
Birmingham Optical is one of the UK’s leading distributors and servicers of specialist optical instruments and machines for opticians, hospitals, eye care clinics and optical laboratories. The products are used by opticians and ophthalmologists for testing eyesight, early disease diagnosis and on-going monitoring while edging machines are used in the production of spectacle lenses.
The transaction enables Chief Executive, Chris Tyler, to retire from his full time role after 25 years of service leading the business. Amanda Danson, who joined the company in 2011 joins the Board and Managing Director, Neil Townsend, and Chairman, Gary Vicary, both original shareholders, will continue in their current roles.
The transaction was led for Clydesdale Bank by Senior Directors Ian Howey and Ian Mansell.
Ian Howey said: “It is extremely satisfying to be able to assist in the evolution and development of customers like Birmingham Optical Group. The current Board has been involved with the business for over 20 years and this transaction will ensure a smooth transition into the next phase of the company’s development.”
The shareholders were advised by Nigel Barratt and Ian Dawson of Hurst & Co Corporate Finance and Ian Morris of EMW Law. Clydesdale Bank was advised by Paul Ray of Browne Jacobson and David McClelland of Carlton Strategy Advisors.