Optician chain David H Myers has completed two significant deals as part of a succession planning strategy that has introduced new blood to the management team, while developing the business.
The chain, which operates branches in Southport, Penwortham, Leeds, Churchtown, and Lytham, sold a substantial minority stake in its Churchtown branch to Rob Lowther, who already owned a major shareholding in the Penwortham practice.
The deal will see Rob taking on management responsibilities for operations in Churchtown, in addition to his ongoing role in Penwortham.
In a second transaction, incoming director Paul Jones has acquired a minority stake in the Lytham practice from each of the owners, David Myers and Ian Brooker.
The Lytham deal will enable Paul to work with Ian to drive the ongoing expansion of the Lytham business.
David, who founded the business in 1979, said: “These two transactions are pivotal to our succession planning and growth strategy. The first deal allows Rob to take on a remit for managing our Churchtown practice as well as his role at Penwortham, while the second means Paul will step up at Lytham to assist Ian in a management role that will enable the further development of the branch.
“Just as importantly, the two deals will generate resources to fuel our ongoing expansion programme and we are currently in discussions with owner-managers of optician practices regarding potential acquisitions.”
David H Myers has received corporate finance, transaction services, tax and succession planning advice from the team at MHA Moore and Smalley.
Partner Damian Walmsley commented: “David H Myers is a successful and ambitious optician business that is managing to implement effective succession planning, while also developing the management team and creating sufficient resources to continue its expansion programme. I have every confidence that the business will continue to succeed.
David Myers added: “We have been working with the team at MHA Moore and Smalley for many years and have been consistently impressed by their friendly, yet professional approach and willingness to truly understand our business and its needs going forward.”