Jobs saved after opticians chain sold out of administration

By Staff

A UK eyewear and opticians chain with a number of boutique outlets around the country has been sold out of administration, saving 80 jobs.

Ollie Quinn UK has been taken over by OQ Eyewear for an undisclosed sum. The terms of the sale see OQ Eyewear acquire the business and assets of the company, including a two-year licence to use the Ollie Quinn brand in the UK.

Ollie Quinn operates a chain of 12 boutiques in London, Guildford, St Albans, Brighton, Manchester and Bristol.

The company, which was established in 2013 as Bailey Nelson London before rebranding in 2017, collapsed into administration in February after facing a “significant increase” in operating costs and struggling with cash flow issues caused by Covid loan repayments.

According to the administrators, the directors of the company sought advice from Robert Insall of business advisory firm BTG Advisory, who undertook a review of the options and ran an accelerated process to solicit investment in the business.

Julie Palmer and Andrew Hook of recovery specialist Begbies Traynor were appointed as joint administrators and oversaw the transaction. Kevin McAndrew of chartered surveyors Eddisons provided a valuation of the business and assets of the company before the sale.

Mr Hook, joint administrator and partner at Begbies Traynor in Salisbury, said: “Every possible effort was made to save the company as a going concern, due to the goodwill and future prospects of the business.

“However, with the company carrying debt and high operating costs in a challenging trading environment, this sale represents the best possible outcome in the circumstances and is due in no small part to the directors seeking advice early. We wish the new owners every success in the future.”

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