Landlord anger at Optical Express restructuring
SCOTTISH opticians chain Optical Express has been rapped by a band of major landlords over a controversial restructuring move that they claim will cost them money.
Glasgow-based Optical, run by David Moulsdale, called in administrators at Begbies Traynor for its DCM Optical Clinic business last week before buying back 16 of the 19 stores immediately as part of a so-called pre-pack deal.
Optical Express made the same decision just a year ago to call in administrators for another of its subsidiaries, which operated 80 stores. It bought back 40 of these stores and the remaining shops were closed.
The British Property Federation has written to Begbies Traynor demanding answers over the latest administration, which will leave them owed three months’ rent, as it comes when the next quarter’s rent payments are due. However, a spokesman for Optical Express said yesterday: “Had this course of action not been taken, the subsidiary business in its entirety was unsustainable – this action has saved and protected hundreds of jobs and many, many supplier contracts.”