PNC Telecom is buying Specs and Lenses.
Specs and Lenses is developing an internet and high street retail opticians chain. It wants to open town centre stores and out of town outlets. The first store will be in Ipswich. It also has a website – www.specsandlenses.co.uk. The business has been started by James Berryman who has more than four decades experience in retailing and manufacturing spectacles. His company, Premier Optical Services, will handle the fulfillment of the internet orders. It is also leasing the Ipswich premises to Specs and Lenses for £25,000 a year.
PNC is issuing 185m shares to S&L’s owner Bade Financial. It is locked-in for 12 months and has to sell through the company broker for one year after that. At a market price of 0.28p, the deal is valued at £518,000. Prior to the deal PNC was worth £740,000. PNC has also placed 210m shares at a price of 0.1p a share, which will raise £190,000 after expenses.
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