Thu, 19 Sep 2013 | BUSINESS SALE
Designville, the largest independent optician in London, has been sold out of administration.
The business, which trades as 2020 Optical Store, entered administration back in May. Lloyd Hinton and Tony Hyams of Marriots Recovery were appointed as joint administrators, while Winterhill Largo, the recovery specialists assisted in the business sale.
Vision Express bought the company although the amount paid for Designville was not disclosed.
Neil Duckworth, chief executive of Winterhill Largo, told Insolvency News that Designville was hit by financial problems that were the result of the economic downturn. The collapse of a laser eye surgery business that was sub-letting part of the company's store also hit the company.
Mr Duckworth added: “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.”
Secured creditors were paid in full, while administrators have said that preferred creditors are “expected to be fully paid” and plans are in place to distribute “significant repayments” to the company's unsecured creditors.
2020 Optical's Bloomsbury store generated annual sales of around £3.4 million and ahead of its administration had been trading for around 20 years.
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