Retail sales for Essex-based jeweller and pawn broker Fish Brothers Group more than doubled in the year to the end of March from £5.1 million to 11.6 million, but the commentary accompanying the record results strikes a downbeat note suggesting that trading since April, particularly in pre-owned watches, has been tougher.
The downturn in the global pre-owned watch market began around the financial year end for Fish Brothers Group, with the price of the most traded watches dropping by around one-third.
That will require an adjustment for the group, which was holding pre-owned watch stock worth £3.9 million at the end of March.
Charles Fish, which has boutiques in Harlow and Chelmsford as well as online, specialises in high volume jewellery and watch brands alongside its substantial pre-owned watch business.
Pawnbrokering business was broadly flat, year-on-year with income rising from £2 million to £2.1 million.
While falling prices in the pre-owned watch world could be a challenge, the pawnbrokering side of Charles Fish Group’s business would be expected to benefit from the current cost of living rises in the UK.
It may also benefit from government support schemes during the pandemic being wound up.
Pawnbrokering had been impacted by businesses and individuals taking advantage of support schemes from government during the pandemic, the company says, effectively meaning cheaper money from the Treasury than Fish Brothers Pawnbrokers could offer.
Fish Brothers is currently offering loans against watches and jewellery at interest rates of 2.49% per month or 32.11% per year.
