Worthing headquartered Rayner Surgical Group has driven forward its growth plans, with the partial acquisition of Russian firm Reper, following a multi-million-pound funding package from NatWest.
The UK’s only manufacturer of intraocular lenses (IOL) which are used in the treatment of cataracts and presbyopia, has used the £5 million finance from the bank to acquire a controlling stake in one of its main lens suppliers, Reper.
By taking a 50% stake in the business, Rayner will be able to take advantage of the Russian firm’s expertise, helping improve supply chain efficiencies and quality control measures, as well as reduce costs for both parties.
Founded in 1910 as an optician, Rayner Surgical Group has been at the forefront of IOL innovation since the invention of the lenses in 1949. The Group now has five offices worldwide and supplies its state-of-the-art products to more than 80 countries worldwide.
In 2017, NatWest provided funding in part for the build of its £25 million UK headquarters and manufacturing site at Ridley Innovation Centre on Dominion Way. The firm currently employs 250 people from the local area.
As the only British IOL manufacturer, the Group won the Queen’s Award for Enterprise in 2009 for sustained international trade in overseas markets.
Darren Millington, chief financial officer at Rayner Surgical Group, said, “We have worked with Reper for more than four years to secure the materials for our lenses. With the acquisition, we now have more control over the production of these supplies, which will allow us to invest in the UK company whilst expanding our expertise over to Russia.
“Since the launch of our facilities in Worthing which NatWest helped to fund back in 2017, we have seen impressive growth of 20% per year. With this newest acquisition, we are now focussing on increasing this number further.”
Claire Moore, relationship director at NatWest, said, “We have worked with Rayner since its incorporation in 1910 and have supported the business through its ambitious growth. This next step forward for the business has given Rayner more control over the crucial supply chain and technology which will give it more flexibility to continue future growth.”
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