By Rachael Taylor & Craig Heatly
Pre-owned watch wholesale company BQW has registered a 40% year-on-year increase in turnover is the past 12 months.
BQW director of sales Ian Schaffer has described the rapid growth of the company as travelling at “an almost frightening pace”.
Schaffer said that the company now has a multi-million pound turnover and said that demand for second-hand watches is still strong, with Rolex in particular proving a key brand.
BQW has opened what it calls a “state of the art” head office facility in Edgeware, North London in February and now employs 10 permanent staff in the UK. It also has six staff working for the watch company on a consultancy basis that travel around Europe sourcing watches.
Schaffer said that the company still has plans to expand through retail partners in the UK but has its sights set on expanding beyond Europe.
He explained: “Assuming current trend upward demand continues, and there seems no reason why it will not, then we will have to consider widening our catchment area. We have concentrated our buying and selling activities within Europe, and although we have done well, we are nowhere near draining the well of potential watches to buy. So our strategy must be much more of the same.
“In the immediate future we will be increasing the numbers of our expert buying teams and will be increasing our presence and profile at trade shows such as IJL and The Jewellery Show as well as other smaller events throughout the country. The business is out there. We know that.”