Inspecs Group PLC Eschenbach Acquisition satisfaction of condition (2787I)

TIDMSPEC

RNS Number : 2787I

Inspecs Group PLC

10 December 2020

10 December 2020

Inspecs Group plc

("Inspecs" the "Company" or "the Group")

Eschenbach Acquisition - satisfaction of condition

The Company is pleased to confirm that clearance of the Acquisition from the German Federal Ministry for Economic Affairs has been obtained. Admission is now expected to occur at 8.00 a.m. on Friday 11 December 2020, with completion of the Acquisition taking place in the week commencing 14 December 2020.

Unless otherwise stated, capitalised words and expressions in this announcement have the meaning given in the placing announcement made by the Company on 19 November 2020.

For further information please contact:

 
Inspecs Group plc                         via FTI Consulting 
 Robin Totterman (CEO)                     Tel: +44 (0) 20 
 Chris Kay (CFO)                           3727 1000 
Peel Hunt (Nominated Adviser and Broker)  Tel: +44 (0) 20 
 Adrian Trimmings                          7418 8900 
 Andrew Clark 
 Will Bell 
FTI Consulting (Financial PR)             Tel: +44 (0) 20 
 Alex Beagley                              3727 1000 
 James Styles 
 Fern Duncan 
 Alice Newlyn 
 

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About Inspecs Group plc

Inspecs is a Bath-based designer, manufacturer and distributor of eyewear frames and optically advanced spectacle lenses. The Group produces a broad range of frames and lenses, covering optical, sunglasses and safety, which are either "Branded" (either under licence or under the Group's own proprietary brands), or "OEM" (including private label on behalf of retail customers and un-branded). Following the acquisition of lens maker Norville in 2020, Inspecs combined two heritage brands in British optical, Savile Row frame maker, and Norville lens maker, further enhancing its vertically integrated business model. As one of only a few companies that can offer this one-stop-shop solution to global retail chains, Inspecs is well positioned to continue to take market share in the globally expanding eyewear market.

Inspecs customers include global optical and non-optical retailers, global distributors and independent opticians, with its distribution network covering over 80 countries and reaching approximately 30,000 points of sale. In FY19, the Group generated 24.9 per cent. of its revenue in the UK and 75.1 per cent. internationally.

Today Inspecs has operations across the globe: with offices in the UK, Portugal, Scandinavia, the US and China (Hong Kong, Macau and Shenzhen), and manufacturing facilities in Vietnam, China, London and more recently, Italy.

The Group's growth strategy going forward is to: (i) continue to grow organically; (ii) undertake further acquisitions (and drive value through leveraging the Group's internal capabilities); and (iii) extend the Group's manufacturing capacity.

More information is available at: https://inspecs.com

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December 10, 2020 10:11 ET (15:11 GMT)