Wed, 06 Nov 2013 | ADMINISTRATION
Corrective laser eye surgery specialist Ultralase has been placed into administration, with ReSolve Partners appointed as the administrators.
Ultralase Limited was put in administration on 30 October blaming the difficult economic climate. The Association of Optometrists (AOP) issued advice to some of its members who have been made redundant in the wake of Ultralase’s demise.
The administrators will deal with the winding-up procedure, it states on the AOP advice sheet. It is not clear yet whether this will involve an asset sale.
Ultralase last recorded revenues of £35 million, profits of £19 million and had total fixed assets of £16 million.
The eye specialist had been targeted by rival Optimax who wanted to purchase the firm, despite having its own money worries. Consolidation in the market had been looking likely with the market size down by 40 per cent.
Optimax made its purchase of Ultralase in December 2012 and closed 16 of its 30 clinics with a number of redundancies made. Chairman of the Ultralase Optimax Group confirmed at the time that 110 Ultralase jobs had been kept on after the deal.
There has been a battle amongst laser eye surgery companies to win customers in recent years, with the three leading firms pushing down prices in order to stay in first place.
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