Bayfields’ national vision one step closer with double acquisition.
Shulmans LLP assists Bayfields on purchase of two practices in Harrogate and Newcastle-under-Lyme, bringing site numbers up to 14 and almost 25 per cent growth in turnover
Leeds-based Bayfields Opticians has confirmed the acquisition of two new practices, further extending its reach across the UK.
The first of these acquisitions is M.Procter Opticians, a long established and well-respected practice in Harrogate.
The business, which operated on a single site on Parliament Street, will be rebranded as Bayfields, in line with the firm’s other practices. Working with Shulmans LLP and Raworths Solicitors, the deal represents the safe-guarding of a much-loved opticians in Harrogate, allowing it to continue its excellent customer service to its loyal customer base.
In a deal representing Bayfields’ first acquisition in the West Midlands, using a newly incorporated subsidiary Bayfields (Newcastle) Limited, the firm has acquired the business and assets of Newbold Opticians, occupying a prime retail position in Newcastle-under-Lyme town centre.
Marcus Armstrong, partner at Shulmans and corporate finance solicitor, who has acted for Bayfields Opticians in connection with the majority of the firm’s acquisitions, said:
These two deals represent a growth in turnover of almost 25 per cent – an astonishing achievement. Bayfields Opticians is a truly ambitious firm, having already expanded into the South with four new practices in 2015. Its new Yorkshire site represents its commitment to expanding within the region whilst its first site in the West Midlands underpins its plans for national growth.
The latest acquisitions take the total number of Bayfields practices up to 14 – further evidence of the group’s intention to achieve its ambitious business plan of having 30 practices by 2019.
Royston Bayfield, Managing Director of Bayfields Opticians, said:
We are delighted with our latest acquisitions. Harrogate opens up a new area of the region for us, and our expansion into the West Midlands demonstrates our ongoing intentions of creating a truly national offering.
Our plan is to invest in the latest practices, both in terms of staff and technology, whilst continuing to work with Shulmans Solicitors and Mazars Accountants in acquiring further suitable businesses. We have developed a strong Yorkshire brand and have now established ourselves as a leading provider across the UK, giving us the confidence to systematically expand across all regions until our ultimate goal of being a nationally-recognised opticians is achieved.