Tesco has announced the sale of its opticians chain to Vision Express as part of its strategy to simplify its business and focus on its core grocery operations.
Tesco Opticians currently operates in 206 stores across the UK and three stores in the Republic of Ireland, as well as online. It had revenues of approximately £90m in 2016 and employs around 1,500 staff, all of whom will transfer over Vision Express following a consultation process.
Commenting on the disposal, Matt Davies, Tesco’s UK & ROI Chief Executive, said: “This allows us to further simplify and strengthen our UK business and ensures our customers are still able to enjoy high quality eye care services from Vision Express in our larger stores.”
Once the acquisition is complete, Vision Express will have 598 stores across the UK and Ireland. Its Chief Executive Jonathan Lawson commented: “This is a really exciting time for Vision Express and provides us with the opportunity to invest in the future of the nation’s eye health by extending our reach even further across the UK.”
The price paid by Vision Express was not disclosed. The disposal is subject to regulatory approval by the Competition and Markets Authority (CMA).
Tesco has sold off a number of non-core assets in the last 18 months including Dobbies Garden Centres, Harris + Hoole coffee shops and the Euphorium bakery.