Aurum Holdings has bought a watch repair specialist with a network of locations based at UK shopping centres.
The owner of Watches of Switzerland, Mappin & Webb and Goldsmiths among others has now acquired 100% of Preston-based The Watch Lab.
Aurum purchased the company, which consists of a main service centre in Preston with 16 branches at shopping centres throughout the UK , from brothers Jonathan and Jeremy Barker. Both will retain their current roles within the business.
Brian Duffy, chief executive officer of Aurum Group said: “We are thrilled to acquire The Watch Lab, a fantastic business and a market leader in this dynamic area. We believe this is a perfect addition to Aurum’s growing portfolio of outstanding retail brands. It’s been a pleasure to work with Jonathan and Jeremy in this process and we at Aurum look forward to working with them as colleagues.
As well as adding another business to its portfolio, the acquisition of The Watch Lab gives Aurum, which specialises in all sectors of watch retail, a dedicated service centre for its retail business.
Jonathan Barker added: “We believe Aurum to be the ideal acquirer for The Watch Lab. The strength of Aurum and the synergy between the businesses will further enable The Watch Lab to continue to grow into the household name we always envisaged.”