The UK arm of global eyewear and optician chain, Ollie Quinn UK Limited, has been sold out of administration to OQ Eyewear Limited, with all stores remaining open and safeguarding the jobs of 80 employees.
The terms of the sale see OQ Eyewear Limited acquire the business and assets of the company, including a two-year licence to use the Ollie Quinn brand in the UK.
The company, which was established in 2013 as Bailey Nelson London Limited before becoming Ollie Quinn UK Limited in 2017, built a reputation as a leading eyecare and eyewear brand, operating from a chain of 12 boutiques in London, Guildford, St Albans, Brighton, Manchester, and Bristol. However, the significant increase in operating costs and burden of Covid loan repayments created cash flow issues for the company.
The directors of the company sought early advice from Robert Insall at BTG Advisory LLP who undertook a review of the options and ran an accelerated process to solicit investment in the business, following which Julie Palmer and Andrew Hook of Begbies Traynor were appointed as joint administrators and oversaw the transaction. Kevin McAndrew of Eddisons provided a valuation of the business and assets of the company prior to sale.
Commenting on the sale, Andrew Hook, joint administrator and partner at Begbies Traynor in Salisbury, said:
“Every possible effort was made to save the company as a going concern, due to the goodwill and future prospects of the business. However, with the company carrying debt and high operating costs in a challenging trading environment, this sale represents the best possible outcome in the circumstances and is due in no small part to the directors seeking advice early.
“We wish the new owners every success in the future.”
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