Story Highlight
– Fraser Hart’s turnover dropped 60% since 2019 peak.
– Operating loss of £2.6 million reported for FY 2025.
– Sales remained flat at £34.9 million year-over-year.
– Group cites challenging high street conditions, but improvements noted.
– Company’s net assets recorded at £32.3 million in June.
Full Story
Fraser Hart has reported a significant decline in turnover, with figures plummeting by 60% from a peak of £86.4 million reached in 2019. The jeweller has struggled to generate an operating profit for its parent company, Anthony Nichols Group, over the past six years.
The company’s most recent financial results, for the year ending June 29, 2025, indicate that sales remained stagnant at £34.9 million, though the operating loss decreased to £2.6 million from £2.9 million in the previous financial year.
As part of the Anthony Nichols Group, which is headquartered in the Republic of Ireland and also oversees the Fields chain of jewellers, Fraser Hart’s accounts primarily reflect activities within mainland UK.
The group acknowledges the ongoing difficulties faced by retailers on British high streets but reports tentative signs of improvement. Fraser Hart is focusing on its strategic aim to expand through consistent investment in both its online and physical store operations across the UK and Ireland.
In a statement accompanying the latest financial records, the company expressed, “We remain committed to our vision, mission and values, supported by our reward, recognition and learning frameworks, which continue to be fundamental to the success of the business.”
While acknowledging the loss incurred during the year, the firm clarified that its financial statements were prepared on a going concern basis. The company’s balance sheet reflects a net current asset position, with a total of £32.3 million in net assets as of June 2025. Additionally, it reported a tax credit of £611,000 for losses from ordinary activities, an increase from £579,000 the previous year.
Fraser Hart faced a notable setback in 2019 when the Watches of Switzerland Group acquired four of its showrooms for £32 million following the termination of its partnership with Rolex. Those locations generated combined annual revenues of £25.7 million and earnings of £5 million in their last year of operation before the sale.
Currently, Fraser Hart operates 22 showrooms throughout Great Britain. Its product offerings include a range of bridal and branded jewellery as well as watches, featuring both fashion and lifestyle brands such as Seiko and Vivienne Westwood, alongside luxury brands including Omega, Breitling, TAG Heuer, and Tudor.
