Watches of Switzerland , the newly-listed retailer run by Scottish chief executive Brian Duffy, is to buy four showrooms from jewellery chain Fraser Hart.
The Brent Cross and Stratford branches will be rebranded as Watches of Switzerland, while the Kingston and York will trade under its Mappin & Webb label.
The group is paying £31.7 million for the four stores, which will add £6 million to its revenues and boost profits immediately. The four branches turned over £25.7 million and delivered a profit of £5 million during the year to 24 June.
News of the deal came as Watches of Switzerland posted a 17.3% rise in half-year revenues to £428.7 million. Adjusted profits rose by 23.5% to £41.2 million, with tougher controls on overheads leading to a 50-basis point rise in margins to 9.6%.
The company now expects its full-year pre-tax profit to exceed the guidance it issued when it floated on the stock market in May. Duffy said: “Strong progress was made in both the UK and US markets as we continue to deliver on our growth plans.”
