Marcus Margulies and his family saw their wealth rise by £20 million to £135 million according to the 2018 Sunday Times Rich List, which placed the Bond Street luxury watch legend at 862= out of the 1000 people tracked in the report.
Mr Margulies closed his multi-brand watch boutique on Bond Street last year, but will start meeting his ultra high net worth customers in private later this year from a spectacular Mayfair townhouse that is currently undergoing a multi-million pound refurbishment.
A figure of £22.86 million is given to leasehold land and buildings acquisitions in the 2016-17 accounts of Almar PLC, the holding company of Time Products Luxury Limited and Time Products (UK) Limited.
Time Products Luxury Limited, until last year, ran the Marcus and Hublot boutiques on London’s Bond Street as well as Almar, around the corner in the historic Burlington Arcade, which specialises in rare and prestigious vintage watches.
Time Products (UK) Ltd owns Sekonda, which was created by Mr Margulies’s father Alexander, and shifted two million units in the 2016-17 financial year. It also owns Limit and Accurist.
Almar PLC turnover reached £68.4m turnover in 2017, with assets worth £78.5m including £23 million in real estate, £16 million in stock, cash and buildings.