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Specsavers expands with first Australian audiology franchise

30/08/2017By Matthew Woodley
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The first Australian Specsavers Audiology store launched on the Gold Coast today, with the optical giant preparing to expand the concept to a further 100 locations around the country.

The new business will be hosted in existing Specsavers optical practices and operate under a franchise partnership model, but will be run as a separate entity.

Darrel Magna, Specsavers Audiology executive director
Darrel Magna, Specsavers Audiology executive director
"Our aim is to open as many as 100 audiology businesses in the coming 12–18 months, providing audiology services in up to 200 Specsavers optical locations,"
Darrel Magna, Specsavers Audiology executive director

Specsavers Audiology executive director Mr Darrel Magna said the business aimed to provide an accessible and affordable service for Australians requiring hearing aids.

“As we open the first of many, many audiology businesses across Australia we stand by our commitment to offer the highest quality professional service and the best possible value in hearing device technology. Our aim is to open as many as 100 audiology businesses in the coming 12–18 months, providing audiology services in up to 200 Specsavers optical locations,” Magna said.

“It is an exciting model that sees a distinct audiology business opened in our optical stores. Each individual Specsavers Audiology business pays a fee to the host optical franchise partners. The optical store partners do not have any ownership of the audiology business at all; that is reserved for the audiology franchise partners.”

The first two audiology businesses, set to open today and tomorrow, will be based on the Gold Coast and operated by brother and sister duo Andrew and Rochelle Fraser. Under the terms of the agreement, each franchise partner was required to invest a $10,000 working capital loan into the business, which will be paid back over a period of up to three years.

Additionally, partners are charged a number of ‘support fees’, that account for approximately 12.5% of gross monthly revenue, a marketing fund contribution equal to 6.5% of gross monthly revenue, and a ‘host store’ fee equivalent to 15% of monthly sales.

While new to Australia, there are already more than 9,000 Specsavers Audiology businesses in Europe.

Gallery


The opening of the Runaway Bay audiology store saw a sizeable crowd in attendance.
The opening of the Runaway Bay audiology store saw a sizeable crowd in attendance.
Andrew and Rochelle Fraser will open the first two audiology stores.
Andrew and Rochelle Fraser will open the first two audiology stores.

Runaway Bay Specsavers partners Warren Isaacs (dispensing), Simon Kelly (optometry) and Andrew Fraser (audiology) with Specsavers Audiology executive director Darrel Magna.
Runaway Bay Specsavers partners Warren Isaacs (dispensing), Simon Kelly (optometry) and Andrew Fraser (audiology) with Specsavers Audiology executive director Darrel Magna.
The crowd listening to speeches at the opening of the Runaway Bay audiology store.
The crowd listening to speeches at the opening of the Runaway Bay audiology store.

IMAGE TOP: Andrew Fraser, Runaway Bay Specsavers audiology partner

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