Funds Raised


Final AER


Loan term


Auction Closed


Recovery News
This loan may be behind with its repayment schedule and so microloan trading has been suspended while we work to help the business recover its repayment form. Please see the Loan Updates tab for recent updates.

About the Business

Company Name: OLYMPUS EYEWEAR EUROPE LTD Company Number: 08933434
Business Location: Leicester

About the Risk

Risk rating


Default rate


Bad debt rate


About the Security

Security Offered:

Personal Guarantee - PG from Mr Barry Love

Est. Equity: 125000.00

Personal Guarantee - PG from Ms Susan Fisher, majority shareholder - £0 value assigned as a property charge is also being offered over her home

Est. Equity: 0.00

All Assets Debenture - Fixed and floating charge over all assets of the applicant company

Est. Equity: 28272.40

All Assets Debenture - Fixed and floating charge over all assets of Olympus Eyewear Group Limited (08900758)

Est. Equity: 23733.00

Corporate Guarantee - Corporate Guarantee from Olympus Eyewear Group Limited (08900758) - £0 value assigned as a debenture is also offered over this company

Est. Equity: 0.00

Property Charge - Second priority legal charge over the home of Ms Fisher

Est. Equity: 95000.00

Risk Indicators Identified:

Below Average Business Credit Rating
A 3rd party credit rating agency has indicated that this business is above average risk.
Inter-company Loans
We have identified loans made from the applicant business to another connected company
This listing contains disclosures from ReBS. Lenders are encouraged to read them in the profile tab

Important Files

Who are we?

This loan has benefited from a 5% reduction in the starting interest rate, due to the security offered in support of the loan. Find out more Here.

Olympus Eyewear has raised money through rebuildingsociety.com previously. They originally applied for £65,000 in September 2018 but decided to instead take the funding target in two tranches at the suggestion of several lenders. The first tranche of £30,000 was used to roll out a new product launch for Ultra Limited. They are now applying for the second tranche of £35,000.

The original loan will be refinanced with this loan. Lenders with capital outstanding on the original loan are invited to use Transfer Bids to transfer their capital to the new loan.

Visit the original loan listing here

Olympus Eyewear Europe is a privately-owned spectacle frame distributor based in Leicester which was founded in 2014. The company’s product portfolio comprises of its own generic brands which are aimed at the middle market sector and the company commenced sales to the independent opticians via several sales agents throughout the UK. Limited business has been conducted with major multiples when possible. Turnover increased quickly in the first two years to circa 175-200K, but growth has been hindered by the lack of further working capital to purchase stock against orders and pay up front for the product. The initial loan monies deposited in the company by directors and senior management was used to fund start-up costs such as salesman’s sample sets, computers, accounting software, an online website and a secured purchasing portal. The website, www.olympuseyewear.com has contributed as a B2B point of reference for the product and availability. We are also active in the social media arena and employ a talented individual who manages all this side of the business for us. This programme carries on today and our performance for the year ending 2018 finished in a similar position to 2017.

In early 2018 the company entered into a distribution arrangement to extend its portfolio of brands into a different sector moving into a higher price selling point and a product that cannot be copied which is totally unique to the consumer. The brand ULTRA LIMITED was trialled in February 2018 at an optical exhibition in London and the response was very encouraging. The exhibition has also lead to a business arrangement with the satellite laboratories owned by Essilor to promote the brand as part of the packages they offer. Since the middle of 2018 the company has increased its turnover by 20% with the new brand through just two sales people and the wish is to seek funding to grow the business even further. This was achieved in November 2018 with help from ReBS lenders with the first tranche of funding.

We have a close relationship with the manufacturer who we have known for over a decade. The new products which are scheduled for the coming years are based on the original concept, (unique pieces), will guarantee our longevity.

Read more

Loan Offers

What is the loan for?

Well we are back! After first raising funds through ReBS in October 2018, at the suggestion of several of the lenders we split our original borrowing requirement into two tranches.

Our first tranche which was taken in October, enabled us to launch our new line ULTRA LIMITED on to the market via newly appointed sales agents. This has been undertaken and our first full month of sales in November we exceeded our budget by 22%. December was a very short and slow month and sales will drop, but this is to be expected. For January onward it’s all about appointments in the diary, and I am told by our band of sales people that they have many booked for the new year.

We also decided to attend 100% Optical, an exhibition at the EXCELL in mid-January. This was our first showing of the product to 8000 visiting opticians and was an excellent opportunity to promote the product and take orders.

The second tranche of funding is now very important to us. This £35k will be used to pay back loans taken out that are too short term and expensive. The result will be a sustainable reduced monthly cash out-going. Undertaking the second tranche of funding will enable the business to grow further at a controlled rate. We are pleased to be back and very thankful that your original support has allowed the company to grow. The sooner we can achieve this second target, the sooner we can pay off the loans and start to generate cash back into the business at a far greater speed.

Why consider investing?

Albeit the company is only 4 years old the senior management have worked in the industry for over 30 years and during that period they are well versed into all sectors of running a business from financial expectations and understandings to sales and marketing and product development and distribution.

The collective opinion of the directors and senior management is that the Ultra Limited collection is so different and unique to the UK market that with the right level of financial backing and management the company has the ability to increase its turnover substantially over the coming period. The company has already experienced growth since the first tranche and is already after eight months close to exceeding last year’s turnover. In Italy where the concept and product was born they now have over 1800 doors selling the collection. If Olympus can achieve 500 doors in two years that will be a reasonable achievement.

As most of the stock is held by our partners 450 in Italy we indent on a back to back basis against our orders, so we operate a just in time system and have no investment into large stock holding. The company also operates a selective invoice discounting facility with a leading Fintech company to assist in cash flow requirement for our larger clients who are limited companies and the debt is duly insured under the selective arrangement.


Lenders should be aware that the 2017 comparison P&L figures contained within the 2018 filed accounts include an error. The ‘other charges’ figure doesn’t tally with the breakdown included in the detailed income statement. It appears that the figure of £53,923 was accidentally added twice – once to management charges and again to the cost of raw materials. As such, whilst the final net profit figure matches the original 2017 filed accounts, the detailed income statement contains an extra £53,923 cost which wasn’t taken into account in the net profit calculation.


This loan will be secured by way of a Personal Guarantee, a property charge, two debentures and a corporate guarantee.

A PG will be provided by the sole director, Mr Barry Love. Mr Love has an estimated net worth of £125,000.00 derived from his ownership of his domestic residence. The property is jointly owned by Mr Love and his partner. The property is worth an estimated £250,000 based on online estimates, and is unencumbered with no mortgage.

A PG is also provided by the majority shareholder of the business, Ms Susan Fisher. Ms Fisher has an estimated net worth of £95,000 deriving from her ownership of her domestic residence. £0 value has been assigned to the PG due to the fact that a property charge is also being offered to us over this property.

A property charge is also being offered over the majority shareholder's home. A second priority legal charge will be taken over Ms Fisher's residential home, a flat with an estimated value of £195,000 (based on online estimates) and £95,000 equity.

An All Assets Debenture will be taken over the applicant company. This will be a first priority charge, and will cover the fixed assets of c£2,000, c£42,000 of stock and the c£97,000 debtor book, along with all other assets of the business. A second debenture will also be taken of Mr Love's other company, Olympus Eyewear Group Limited (08900758). This charge will cover the c£28,000 of fixed assets, c£32,000 of stock and the c£58,000 debtor book.

To complete the security package, a corporate guarantee will be taken over Olympus Eyewear Group Limited.

04/03/2019£1,502.33£828.90£673.43 (18 days late)
04/04/2019£1,502.33£837.15£665.18 (29 days late)
04/05/2019£1,502.33£845.49£656.84 (44 days late)
04/06/2019£648.42£0.00£648.42Interest only
04/07/2019£1,502.33£853.91£648.4246 days overdue
04/08/2019£1,502.33£862.42£639.9115 days overdue
04/09/2019£1,502.33£871.01£631.32Not Due
04/10/2019£1,502.33£879.69£622.64Not Due
04/11/2019£1,502.33£888.45£613.88Not Due
04/12/2019£1,502.33£897.30£605.03Not Due
04/01/2020£1,502.33£906.23£596.10Not Due
04/02/2020£1,502.33£915.26£587.07Not Due
04/03/2020£1,502.33£924.38£577.95Not Due
04/04/2020£1,502.33£933.58£568.75Not Due
04/05/2020£1,502.33£942.88£559.45Not Due
04/06/2020£1,502.33£952.28£550.05Not Due
04/07/2020£1,502.33£961.76£540.57Not Due
04/08/2020£1,502.33£971.34£530.99Not Due
04/09/2020£1,502.33£981.02£521.31Not Due
04/10/2020£1,502.33£990.79£511.54Not Due
04/11/2020£1,502.33£1,000.66£501.67Not Due
04/12/2020£1,502.33£1,010.62£491.71Not Due
04/01/2021£1,502.33£1,020.69£481.64Not Due
04/02/2021£1,502.33£1,030.86£471.47Not Due
04/03/2021£1,502.33£1,041.12£461.21Not Due
04/04/2021£1,502.33£1,051.49£450.84Not Due
04/05/2021£1,502.33£1,061.97£440.36Not Due
04/06/2021£1,502.33£1,072.54£429.79Not Due
04/07/2021£1,502.33£1,083.23£419.10Not Due
04/08/2021£1,502.33£1,094.02£408.31Not Due
04/09/2021£1,502.33£1,104.91£397.42Not Due
04/10/2021£1,502.33£1,115.92£386.41Not Due
04/11/2021£1,502.33£1,127.04£375.29Not Due
04/12/2021£1,502.33£1,138.26£364.07Not Due
04/01/2022£1,502.33£1,149.60£352.73Not Due
04/02/2022£1,502.33£1,161.05£341.28Not Due
04/03/2022£1,502.33£1,172.61£329.72Not Due
04/04/2022£1,502.33£1,184.29£318.04Not Due
04/05/2022£1,502.33£1,196.09£306.24Not Due
04/06/2022£1,502.33£1,208.00£294.33Not Due
04/07/2022£1,502.33£1,220.04£282.29Not Due
04/08/2022£1,502.33£1,232.19£270.14Not Due
04/09/2022£1,502.33£1,244.46£257.87Not Due
04/10/2022£1,502.33£1,256.86£245.47Not Due
04/11/2022£1,502.33£1,269.38£232.95Not Due
04/12/2022£1,502.33£1,282.02£220.31Not Due
04/01/2023£1,502.33£1,294.79£207.54Not Due
04/02/2023£1,502.33£1,307.69£194.64Not Due
04/03/2023£1,502.33£1,320.71£181.62Not Due
04/04/2023£1,502.33£1,333.87£168.46Not Due
04/05/2023£1,502.33£1,347.15£155.18Not Due
04/06/2023£1,502.33£1,360.57£141.76Not Due
04/07/2023£1,502.33£1,374.12£128.21Not Due
04/08/2023£1,502.33£1,387.81£114.52Not Due
04/09/2023£1,502.33£1,401.63£100.70Not Due
04/10/2023£1,502.33£1,415.59£86.74Not Due
04/11/2023£1,502.33£1,429.69£72.64Not Due
04/12/2023£1,502.33£1,443.94£58.39Not Due
04/01/2024£1,502.33£1,458.32£44.01Not Due
04/02/2024£1,502.33£1,472.84£29.49Not Due
04/03/2024£1,502.33£1,487.51£14.82Not Due