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Optical Express saved by founder David Moulsdale | |
(about 1 hour later) | |
Laser eye surgery firm Optical Express has been saved from collapse by its founder, preventing the loss of 1,600 jobs in the UK and Ireland. | Laser eye surgery firm Optical Express has been saved from collapse by its founder, preventing the loss of 1,600 jobs in the UK and Ireland. |
David Moulsdale has bought all the debt that the firm owes to the Royal Bank of Scotland and injected more money into the High Street chain. | |
The bank had refused to lend Optical Express any more money. | The bank had refused to lend Optical Express any more money. |
The Glasgow-based firm said it was now in a "highly secure position for continued growth". | The Glasgow-based firm said it was now in a "highly secure position for continued growth". |
The intervention by chairman Mr Moulsdale, who founded the firm in 1991, has saved Optical Express from being another High Street retail casualty, following the high-profile deaths of Comet, Jessops, Clinton Cards and others in recent years. | |
Optical Express - which has about 93 stores and 54 consultation centres - owed more than £30m to RBS and asked for a further loan in order to pay staff, according to the Sunday Times. | Optical Express - which has about 93 stores and 54 consultation centres - owed more than £30m to RBS and asked for a further loan in order to pay staff, according to the Sunday Times. |
The largely state-owned bank refused and threatened to seize the firm and sell it to recoup its debts. | The largely state-owned bank refused and threatened to seize the firm and sell it to recoup its debts. |
"David has agreed to acquire the entire debt owed to RBS by Optical Express and will inject significant working capital into the group, positioning it in a highly secure position for continued growth," a spokesman for the company said. | "David has agreed to acquire the entire debt owed to RBS by Optical Express and will inject significant working capital into the group, positioning it in a highly secure position for continued growth," a spokesman for the company said. |
"We anticipate completing the transaction by Monday morning, however it's business as usual in all of our stores and clinics as we work through the final documentation." | "We anticipate completing the transaction by Monday morning, however it's business as usual in all of our stores and clinics as we work through the final documentation." |
As well as laser eye surgery, Optical Express offers other healthcare services including dentistry and cosmetic surgery. It also operates in the US and the Netherlands. | As well as laser eye surgery, Optical Express offers other healthcare services including dentistry and cosmetic surgery. It also operates in the US and the Netherlands. |
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