Story Highlight
– Hugh Rice’s peak revenue reached £24 million in 2017.
– Pandora began buying out its retail partners that year.
– Turnover rose to £38 million by June 2019.
– Sales fell to £12.8 million in FY24, down 2.5%.
– Focus shifted from fine jewellery to luxury watches.
Full Story
Hugh Rice, a family-run jeweller, achieved impressive revenues of £24 million in 2017, largely driven by its collaboration with the Danish jewellery brand, Pandora. That same year, Pandora commenced a buyout of its franchise partners, allowing it to gain greater control over its retail presence in the UK.
As a result of these buy-backs, Hugh Rice reported a turnover of £38 million over an 18-month financial period from January 2018 to June 2019. Subsequently, the business focused on consolidating its offerings under the Hugh Rice brand, which features luxury jewellery and premium watches from renowned names like Tudor, TAG Heuer, Breitling, and Omega. Additionally, the company operates LUXE by Hugh Rice, showcasing fashion brands such as Olivia Burton, Hugo Boss, and Michael Kors.
The jeweller has a diverse store portfolio that spans from Harrogate to Beverley in East Yorkshire, with its flagship location situated in the St Stephens shopping centre in Hull. This store became an official Rolex partner in 2018, enhancing Hugh Rice’s luxury watch division.
However, post-Pandora, the company experienced a decline in turnover, recording £15 million in 2019. Nevertheless, the focus on developing the luxury watch market, coupled with the partnership with Rolex, facilitated a recovery, leading to sales exceeding £20 million in 2021.
Like many retailers, Hugh Rice faced a dip in sales following the pandemic-induced surge. Recent financial reports indicate that for FY24, the company generated £12.8 million in revenue, reflecting a 2.5% decrease from the previous year, alongside a modest operational loss of £290,000.
In 2024, Hugh Rice closed its Beverley showroom dedicated to fine jewellery and watches but continues to operate its LUXE by Hugh Rice store in the town centre. Following the financial year-end, the business made a strategic decision to shut down its Harrogate location, choosing to reinforce its efforts around the Hull store, which contributed approximately £900,000 in sales in 2024.
The company has been progressively transitioning away from fine jewellery to enhance its focus on watches. In its commentary regarding the 2024 financial results, Hugh Rice expressed satisfaction with its strategic decisions and reported positive trading performance for the early months of 2025.
