Could've gone to Specsavers: Tesco share price inches up as it agrees sale of opticians business to Vision Express

Jasper Jolly
Follow Jasper
A Tesco's employee pushes shopping troll
Tesco sold its opticians to Vision Express (Source: Getty)

Tesco has agreed to sell its opticians business to Vision Express as it continues to simplify its business model.

The opticians business, which operates in 206 stores in the UK and Ireland, employs 1,500 workers.

None of the jobs are expected to be lost, with all employment conditions staying the same under UK takeover rules.

Read more: Tesco profits leap as sales grow for the first time in seven years

Vision Express will continue to run the 206 shops as concessions within the Tesco stores. Vision Express claims to be the third largest optician in the UK, while its parent company GrandVision operates more than 6,000 stores in 44 countries.

The supermarket giant has been undergoing a big adjustment in the years since 2014, when a massive accounting black hole led to the resignation of many members of its top leadership team.

Shares fell last week despite Tesco growing its sales for the first time in seven years, however the stock inched up 0.5 per cent this morning.

The firm recently announced it would cut opening hours further, with possible redundancies as it refocuses on core operations.

Read more: How seven City analysts reacted to Tesco results

However, Tesco is also joining forces with Booker in a merger that will see it increase its market share in the convenience store business.

Matt Davies, UK and Ireland chief executive, said: "This allows us to further simplify and strengthen our UK business and ensures our customers are still able to enjoy high quality eye care services from Vision Express in our larger stores. Our priority now is to work with our colleagues and support them through this change."

Related articles