Optical services and laser eye surgery group Optical Express has been rescued from collapse by its founder, preventing the loss of 1,600 jobs in the UK and Ireland.
David Moulsdale has bought all the debt that the firm owes to the Royal Bank of Scotland and injected more money into the High Street chain.
The bank had refused to loan Optical Express any more money.
The Glasgow-based group said it was now in a “highly secure position for continued growth”.
The intervention by Chairman Mr Moulsdale, who launched the company in 1991, has saved Optical Express from being another High Street retail casualty, following the high-profile collapse of Comet, Clintons Cards, Jessops and others in recent years.
The company, which has about 93 stores and 54 consultation centres – owed more than £30m to RBS and asked for a multi-million pound loan in order to pay staff.
The largely state-owned bank refused and threatened to seize the business and sell assets to recover its debts.
A spokesman for the group said: “David has agreed to acquire the entire debt owed to RBS by Optical Express and will inject significant working capital into the group, positioning it in a highly secure position for continued growth.”
As well as laser eye surgery, the firm offers other healthcare services including cosmetic surgery and dentistry. It also operates in the Netherlands and the United States.
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