Bayfields Opticians gains new investor
The investment from BGF will support the group’s growth ambitions
The deal was completed in March, before the lockdown. The independent practice group said the investment will be used to support organic growth, including the further roll-out of its audiology services, as well as supporting its acquisition strategy as it aims to double its number of sites over the next four years.
Reflecting on the history of the business, founder and CEO of Bayfields Opticians and Audiologists, Royston Bayfield, said the group had grown “exceptionally well” over the last 15 years, while keeping its values, local relationships with clients and expertise “front of mind.”
“We are delighted to be welcoming BGF to the Bayfields family as our long-term investment partner. The team has great sector expertise and a real understanding of our vision for the business, which will be invaluable as we enter this next stage of growth,” Mr Bayfield continued.
The business has grown from a single site practice in 2004 to 19 practices, acquiring 13 of those sites within the last four years.
Commenting on the investment, Chris Boyes, an investor at BGF, highlighted the expansion of the Bayfields brand through its investment in technology, product range and high quality of care.
“We are excited to be joining the business,” Mr Boyes said. “The market for growth through acquisitions in this sector is significant, and with a proven management team and strong central platform, Bayfields is in a strong position to capitalise on growth opportunities in the future.”
The Bayfields group currently employs more than 160 staff across the UK, including 70 specialists, and has revenues of £12m.
Commenting on the work of the group over the past few months, Mr Bayfield said: “We have been working extremely hard to create cutting-edge and unique client consultation processes to guarantee that healthcare appointments are COVID-19 secure, bringing together absolute safety without compromising service.
“As such, we have introduced BaySafe, our propriety brand, that signifies clinical excellence. This offers clients the confidence to manage and deal with eye strain, head pain, or less than perfect hearing in a safe and caring environment,” he added.