Story Highlight
– Beaverbrooks’ profit fell 9% to £7.8m.
– Higher costs from National Insurance and Living Wage.
– Expanding exclusive Tag Heuer and Breitling watch relationships.
– Refurbishment plans for stores and new head office.
– Emphasis on charity contributions and customer service.
Full Story
Beaverbrooks, an established family-run jeweller and watch retailer, has disclosed a 9% decrease in underlying profit, dropping to £7.8 million for the year. This decline has been attributed to rising costs stemming from increased National Insurance contributions and the implementation of a higher National Living Wage.
The company is actively enhancing its partnerships, resulting in the launch of exclusive Tag Heuer and Breitling watches worldwide. In addition, Beaverbrooks is engaged in a refurbishment initiative across its retail locations slated for 2026–27, with significant upgrades planned for its Lakeside store and a reimagined flagship venue at the Trafford Centre. Furthermore, the company is investing in a new head office encompassing 80,000 square feet, with an opening anticipated next year.
Chairman Mark Adlestone OBE expressed the company’s deep commitment to charitable work, stating, “At Beaverbrooks, we take our commitment to charity and community very seriously. We’re proud to have donated £26.6m since 2000, and even prouder of our people who choose, year after year, to give their time and money to causes that matter to them.” He emphasised the significance of the Beaverbrooks Charitable Trust’s support for over 500 local charities annually, recognising the critical impact of this work to communities across the UK and beyond.
In her remarks, managing director Anna Blackburn highlighted the resilience of business operations amidst challenging conditions. She noted, “The resilience of our performance and growing like-for-like sales is testament to our strategy. We continued to invest in our people, product, stores, digital and e-commerce offering to ensure we can provide the best possible products and service to our customers.” Blackburn articulated faith in the enduring appeal of the high street and the necessity of excellent customer service, which has sustained the business for 107 years.
Despite the difficult retail landscape, Blackburn remains hopeful, reiterating a focus on controllable factors: a dedicated team, strategic planning, and a compelling customer proposition. She affirmed, “We’ll continue to invest in our people, product and stores – continuing the long-term focus that strengthens the business – while staying agile to adapt to any short-term challenges.”
