Black & Lizars sold to London consortium

Apr 9 2008

Deal for Independent optician thought to be worth £20 million

Black & Lizars, the 178 year old Scottish-owned optical retail group has been taken over by a London based consortium in a deal reported to be worth more than £20m.

Until the takeover Black & Lizars was Scotland’s biggest independent chain of opticians with 25 outlets employing some 255 staff.

The consortium, which is headed by retail veteran Maurice Smith who founded the Warehouse group, Oasis Stores and Phase Eight, plans to significantly expand Black & Lizars both in the UK and overseas.

They plan to acquire more branches in Scotland and Northern Ireland as well as building the brand south of the border and exploring expansion on the European continent.

Black & Lizars was formed in 1999 through the merger of Lizars which was founded in Glasgow in 1830 and C Jeffrey Black which was started in the 1940s.

It was owned by five shareholders including the sole survivor of the Lizars family, Geoffrey Ballantine.  Directors Colin Black and Peter Ivins will together with Ballantine stay with the company which will have a new chief executive, London-based international optical retail entrepreneur Majid Sadjadi.

Ivins said the investment and expertise the agreement brought would allow the company to bring its expansion plans forward.
 
Bennet added that the retail optical industry was moving fast.

“It is a great opportunity to join a company with such a gilt-edged heritage that can benefit from the wider range of expertise that will now be available”.
 
Sadjadi said that Black & Lizars was a highly-respected Scottish brand with a heritage of commitment to quality eye care built over many years.

“We see this heritage as a platform on which to build Black & Lizars, first as the leading brand in Scotland, then as a UK and Continental brand synonymous both with quality service and stylish, designer eyewear”.
 
Black & Lizars was advised by Cavendish Corporate Finance and MacRoberts. The consortium was advised by Dundas & Wilson.