Optical Express has announced plans to recruit around 200 employees as it rolls out a new shared venture partnership business model.
Establishing the new model, the multiple will offer its optometrists and commercial partners equity in each of its 80 practices. While Optical Express would retain a 50% ownership of each store, the company explained that the optometrists and commercial partners would own up to 25% of the business each.
The concept would see the multiple take on an additional 100 optometrists, 40 retail staff and 80 customer care advisors, it has said.
Speaking about the new business model, Optical Express’ group financial director, Stewart Mein, explained: “This model offers the best of both worlds with every store benefitting from central purchasing, expertise and safety and governance regimes, whilst local teams can focus on exceptional service and delivery, and enjoy a share in that success.”
Optical Express announces the launch of the shared venture partnership model after it revealed that “accounts to December 2016 show a turnaround in the business.” While turnover was down, the multiple noted that 2016 results were from a 12-month period compared to 2015, which tracked 13 months. Operating profit was £1m, compared to a £4.6m loss.
Referring to the financial results, Optical Express chief executive and chairman, David Moulsdale, said: “Thanks to the dedication of our staff and their commitment to exceptional service for our customers, we are, after a very tough time on the High Street, heading in the right direction. We cannot, however, be complacent, hence our investment in adding to our skilled workforce and professional optical expertise.”
Optometrists and managers interested in becoming shared venture partners should email SVP@opticalexpress.com