Inspecs to acquire German frames retailer BoDe Design

Eyewear company Inspecs said on Wednesday that it has acquired BoDe Design Vertriebs, a distributor of optical and sunglasses frames principally to the German market.

Inspecs, currently BoDe's largest supplier, will pay an upfront cash consideration of approximately €1.76m from existing cash resources and a deferred cash consideration based on financial performance over the next three trading years.

The AIM-listed group expects BoDe to generate revenues of approximately €3.75m in 2021, with the acquisition pegged to be earnings enhancing in 2022.

Chief executive Robin Totterman said: "This acquisition continues our strategy of developing strategic distribution of our products to both chain and independent opticians around the world. We look forward to further synergies and working with the dynamic team at BoDe in the future."

As of 0905 GMT, Inspecs shares were up 0.72% at 382.75p.