Tue, 05 Apr 2011 | BUSINESS SALE
Luxury watch and jewellery company, Aurum Holdings, has been put on the market by its shareholders in a bid to capitalise on one of the strongest trading years in its history.
The company - which owns such high-end brands as Mappin & Webb, Watches of Switzerland and Goldsmiths - is reported to have a £200 million price tag. Shareholders are hoping that a new investor will allow it to realise its expansion plans.
Sales in the year to January 30, 2011 reached a record £326 million - a 16.6 per cent year-on-year increase on previous figures. The earnings before interest, taxes, depreciation and amortization (EBITDA) was £161 million, marking a 49 per cent increase in online like-for-like sales.
Aurum Holdings' chairman, Don McCarthy, said they had been one of the few success stories of the British high street since their comprehensive restructuring in 2009.
"Justin Stead, Aurum Holding's CEO, and his team have significantly outperformed the first two years of our investment plan and we have therefore decided to look for a new investor that is able to assist this team in capitalising on the very significant and credible opportunities that are now presenting themselves," he explained.
The company is currently owned by Icelandic bank Landsbanki Islands hf, Mr McCarthy and Aurum's management team.
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