Inspecs agrees to £85m takeover involving retail entrepreneur Luke Johnson

Glasses maker Inspecs has agreed to be bought by an investment vehicle led by hospitality entrepreneur Luke Johnson and property mogul Ian Livingstone for £85 million.

The London-listed business, which is based in Bath, Somerset, accepted the offer and turned down an alternative bid from a rival manufacturer.

Shareholders have been offered 84p per Inspecs share under the deal.

The buyers said they believe that taking the company off the public markets and into private hands was the “most effective environment to unlock Inspecs’ full potential”.

Mr Johnson is a renowned entrepreneur in the retail and hospitality industry having been the chairman of Pizza Express in the 1990s, Giraffe Restaurants and Patisserie Valerie prior to its collapse into administration.

He is also an investor in fast-growing bakery chain Gail’s and chairs Revolution Bar owner The Revel Collective.

Mr Livingstone is a property investor with a portfolio of assets worth more than £10 billion, and was previously the chairman of a retail chain behind optician stores including Sunglass Hut.

The investors said Inspecs, which sells its products in about 75,000 retailers, was grappling with tougher conditions in the market.

This includes facing weak consumer demand in Europe and turbulence in the US market due to Donald Trump’s tariff hikes.

The company recently blamed tariffs for increasing product costs, in turn leading to some of its retail customers putting purchasing decisions on hold.

Inspecs rejected an alternative bid from Italian glasses maker Safilo which it said “undervalues” the business.

Shares in Inspecs jumped by more than 13% following the announcement.