Optical chain sets sight on growth across UK
ONEof Scotland’s largest independent optical chains, Duncan & Todd (Group) Limited, is to expand its presence in the north east and explore further acquisitions across Scotland and the rest of the UK thanks to a £5.6 million investment of growth capital from BGF (the Business Growth Fund).
This is BGF’s eighth investment in Scotland, one which brings its current Scottish investment total to more than £42m. BGF is investing £5.6m to fund acquisitions, increase manufacturing capacity and support sales growth. It has taken a minority stake and Bob Brannan will join the board as chairman.
Brannan brings a wealth of experience in the consumer goods and service sectors. He is the current chairman of Vets Now and the William Jackson Food Group and former roles include being chairman of Ben Sherman and group managing director of Whyte & Mackay. BGF senior investment manager Patrick Graham has also been appointed to the board.
Duncan& Todd was established in 1973, has a turnover of over £10m and employs 182 staff. It was the subject of a management buyout in 2007 led by current managing director Frances Duncan, who has been with the business for almost 30 years.
The chain currently has 23 retail stores spread across Scotland from St Andrews in Fife to Wick in Caith- ness. Its expansion will be banked by the Royal Bank of Scotland’s Healthcare division.
Frances Duncan said: “This growth capital injection from BGF allows me to focus on bringing our goals to fruition.
“It was important to find a longterm investor of the right quality. The team at BGF share the same values and goals as the Duncan & Todd team and we look forward to working together.”