After arguably the biggest 12 months in its eight-year history, George & Matilda Eyecare wants to carry that momentum into 2025. Insight hears from three independents who joined the network in the second half of 2024.
Others may be starting to eye the end of the year and a decent break, but there’s little rest at George & Matilda (G&M) Eyecare as it plans further expansion in the optometry industry.
The network has recently announced its latest acquisition – Lighthouse Optometrists in Ramsgate, NSW – bringing the number of partnerships in 2024 to 34.
The NSW move is hot on the heels of forays into Western Australia and Queensland, plus the acquisition of National Optical Care (NOC)’s 26-practice business in September, the largest in its eight year-history.
Optometrist Ms Gina Basily has spent 13 years in the industry and started Lighthouse Optometrists in 2018.
“I’ve always been passionate about both medicine and retail, and optometry brings them together in a way that allows me to deliver a holistic approach to patient care,” she says.
Her practice’s reputation is built on a foundation of exceptional service, personalised treatment plans and a commitment to community health. It is renowned for innovative programs, such as the ‘Come and See’ initiative, which has helped to provide life-changing vision care to thousands of people overseas.
“We’re thrilled to join the George & Matilda Eyecare family,” says Basily. “This partnership aligns perfectly with our vision of delivering the highest quality eyecare. By leveraging the resources and expertise of George & Matilda Eyecare, we can continue to grow and better serve our patients.”
Other practice owners have reached similar conclusions over the past couple of months.
The partnership with Basily’s practice follows G&M’s acquisition of three practices in Western Australia – Nedlands, Greenwood, and Kalgoorlie. That came just two weeks after it took on two Queensland practices, at Main Beach and Sanctuary Cove.
Mr Andrew Godfrey was the owner of the three WA practices.
Of the sale, he says: “I like to think of our working life as a train journey. For us, this is our stop.
“We had worked with George & Matilda before and were impressed with the systems and processes they have in place, knowing they can take care of our staff, patients, and practices.”
For optometrists considering their future, Godfrey offers insightful advice: “It’s easy to keep doing what you’re doing, but it’s important to look at the landscape and decide whether your future is best served through change.
“As Kenny Rogers said, ‘You’ve got to know when to hold ’em, know when to fold ’em.’”
The G&M network now has more than 120 locations that service 140 communities (when counting outreach work), and founder, CEO and managing director Mr Chris Beer acknowledges it is facing a massive integration task amid its most rapid growth period.
But he has hinted that it will look to make other acquisitions as he grows the network.
“With an ambition to grow the G&M community by up to 20 practices a year I am very happy to have welcomed 34 new businesses in 2024, including doubling our presence in WA,” he says. “This gives us the opportunity to provide better quality eyecare services to more Australian communities. We are excited for the strong pipeline of practices we have lined up to join us in 2025.”
Judging by reactions of the most recent acquisitions, there may be no shortage of options for Beer and his team.
Colleague Ms Kathryn Jorgensen, an optometrist at the West Specs Kalgoorlie practice, says she remains motivated by the work and the care provided to patients.
“I have been an optometrist for 37 years, and I chose this industry because I always wanted to work in a health-related field.
“I am proud of the quality eyecare and products we offer, and we strive to go above and beyond to help our patients.”
That would continue under the new G&M banner.
Ms Natalie Guillon, an optometrist at the Opticentre Nedlands practice, also emphasised the importance of patient-focused care, adding: “I love the variety that optometry offers, and I am passionate about providing thorough eye examinations.
“Our practice is known for our expertise in contact lenses.”
That, too, would continue in the new partnership. It’s a big part of G&M’s value proposition: partnering with independents woven into the fabric of their communities, not interfering with their clinical sovereignty, while fine-tuning the retail and dispensing side of the practice.
“By joining the George & Matilda Eyecare, these practices gain access to valuable resources, including marketing and operational support, business management tools, and professional development opportunities,” the company says.
Those tools also include platforms that power vital business functions such as product ordering, payroll, patient recalls and buying power. There’s also supply chain technology that allows visibility of every brand, every stock-keeping unit to different customer segments, age groups and demographic.
Practices would have access to those resources while maintaining their clinical independence.
“As the network continues to grow, patients can expect the same high standards of care, professionalism, and service that have become synonymous with George & Matilda Eyecare,” the company says.
‘No cookie-cutter approach’
It was a similar story when G&M acquired the two practices in Queensland.
The well-established practices at Main Beach and Sanctuary Cove were owned and operated by optometrist Mr Michael Jackson, who has 25 years’ experience in the industry.
He says joining G&M was a strategic decision driven by the changing optometry landscape.
“There’s a shift in the industry where younger optometrists are seeking more flexibility, particularly with part-time work and managing larger financial commitments,” he says.
“I realised that selling to a corporate model was inevitable to achieve my personal goals, and George & Matilda was the perfect fit.
“They allow us to maintain our independent spirit while managing the increasing regulatory and financial pressures on practices. Having a larger entity to support us makes it more sustainable in the long term.”
His experience working with G&M has been positive.
Over the years, he has owned three practices, starting with Ballina before opening his practice in Sanctuary Cove 10 years ago and Main Beach four years later.
For G&M, one of the challenges has been creating platforms that cater for the many varied needs of practices within the network. So when independents like Lighthouse Optometrists, Main Beach, Sanctuary Cove and the three WA practices join, they’re able to plug into G&M’s sophistacted platforms while maintaing many of the quirks that help them differentiate.
Beer says there is no “cookie-cutter approach” to the model, despite what some in the industry might think. The fact every practice is unique is a double-edged sword: it makes G&M a highly attractive option for independents looking to sell, but is complex to execute.
That is, in part, because not one practice has the same supply chain or frames range.
Engaging with the different practices, finding out what worked and didn’t work, and what sold and didn’t sell, actually helped G&M to finetune its own business model, he says.
“Our team continues to focus on ensuring the practices that join the G&M team are integrated smoothly with no impact to their patient experience.
“We are always continuing to learn from the new practices that join our team as there are so many independent optometrists in the industry with strengths and passions that only make our community stronger as they share their experiences throughout G&M.”
It appears there are still many cards left to play.
More reading
George & Matilda Eyecare Regional Profile: Rebekah Bryant
George & Matilda Eyecare Regional Profile: Jelle de Bock
George & Matilda Eyecare Regional Profile: Reshma Seth
