Fri, 23 Feb 2024 | BUSINESS SALE
The business and assets of eyewear and optician chain Ollie Quinn have been acquired out of administration. Administrators sold the business to OQ Eyewear Limited in a deal that ensures the company’s 12 boutique stores will remain open, with 80 jobs safeguarded.
The sale will see OQ Eyewear Limited acquire Ollie Quinn’s business and assets, including a two-year licence to use the brand name in the UK. Ollie Quinn operated from 12 stores in London, St Albans, Brighton, Bristol, Manchester and Guildford.
The company was established in 2013 as Bailey Nelson London Limited and rebranded as Ollie Quinn UK Limited in 2017. The firm had a reputation as a leading UK eyecare and eyewear brand, but the business suffered as a result of increasing operating costs and the burden of repayments on loans taken on during the COVID-19 pandemic.
Faced with these mounting cashflow, issues Ollie Quinn’s directors sought advice from BTG Advisory’s Robert Insall who undertook a review of the company’s options and ran an accelerated process to solicit investment for the business.
Following the review, Julie Palmer and Andrew Hook of Begbies Traynor were appointed as joint administrators and oversaw the sale to OQ Eyewear Limited. Prior to the sale, Kevin McAndrew of Eddisons provided a valuation of the business and assets.
Commenting on the sale, Begbies Traynor partner and joint administrator Andrew Hook 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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