Eyewear manufacturer Inspecs has agreed to a £85 million takeover by an investment consortium spearheaded by hospitality entrepreneur Luke Johnson and property magnate Ian Livingstone.
The Bath-based firm, which trades on the London stock market, has accepted the approach whilst rebuffing a competing proposal from a rival spectacles producer.
Under the terms of the agreement, shareholders will receive 84p for each Inspecs share they hold.
The buyers said they felt delisting the company and moving it into private ownership would provide the "most effective environment to unlock Inspecs' full potential".
Mr Johnson made his name in the retail and hospitality sectors, having previously chaired Pizza Express during the 1990s, as well as Giraffe Restaurants and Patisserie Valerie before it fell into administration.
He currently holds investments in the rapidly expanding bakery chain Gail's and serves as chairman of The Revel Collective, the operator behind Revolution Bars.
Mr Livingstone commands a property investment empire valued at over £10 billion and formerly chaired a retail business operating optician outlets, including Sunglass Hut.
The investors said that Inspecs, whose products feature in approximately 75,000 retail outlets, is navigating challenging market conditions. Those headwinds include subdued consumer appetite across Europe and volatility in the American market stemming from Donald Trump's tariff increases.
The business recently attributed rising product costs to these tariffs, which have prompted certain retail partners to delay their purchasing commitments.
Inspecs has turned down a competing offer from Italian eyewear manufacturer Safilo, stating it "undervalues" the company.
Following the announcement, shares in Inspecs rose by more than 13%.
