Fraser Hart has sold all seven stores that were authorised to sell Rolex watches and will no longer work with the brand.
Beaverbrooks acquired three of the stores, in Milton Keynes, Cardiff and Croydon.
The company has not yet shared any details about the deal or commented on its significance.
Assuming the Rolex agency moves to Beaverbrooks as part of the three store acquisitions, it will fulfil a life-long ambition to work with the world’s most powerful watchmaker.
The Watches of Switzerland Group has issued a comprehensive statement alongside its financial results in which it says it paid £31.7 million for four Fraser Hart stores.
The group is buying Fraser Hart’s showrooms in two of London”s biggest shopping centres: Brent Cross and Westfield Stratford, plus stores in Kingston and York.
All the stores stock Rolex and will retain the brand WOSG chief executive Brian Duffy confirmed in a call with WatchPro today.
WOSG reports that the four Fraser Hart stores have combined annual revenue of £25.7m and earnings of £5.0m.The transaction is expected to complete in January, 2020.
Noel Coyle, chief executive of the Anthony Nicholas Group, parent company of Fraser Hart and Fields jewellers, makes no mention of Rolex, but says the group wants to offer a more consistent line-up of brands across its stores and online.
“Our strategy is framed by a clear vision of our target markets. We want our customers to enjoy the same high quality proposition wherever and whenever they choose to shop. That applies to every aspect of our business from the breadth and high quality of our watch, bridal and general jewellery portfolio to the overall customer experience,” he explains.
As part of a major investment into omni-channel retail, the group will focus on providing an outstanding customer experience across physical and digital stores for IWC, Omega, Breitling, Tudor. Tag Heuer, Longines and Gucci; along with high quality diamond and jewellery ranges, many of which are exclusive to Fraser Hart and Fields, a statement from Anthony Nichols Group says.