Sales for the combined volume and luxury watch businesses of Time Products dipped to £45.1 million in the financial year ended January 31, 2018.
The previous year’s turnover of £68.4 million was inflated by the one-off sale of the company’s world-leading archive and stock of Audemars Piguet timepieces as the two companies agreed to an early termination of their long term distribution agreement for the UK.
The exceptional sale of the AP collection in 2016 created a one year spike in sales for Time Products Luxury Ltd, but the prestige end of the business had been in decline since 2012, when turnover peaked at £27 million.
The company ran three boutiques at the time: vintage watch specialist Almar in Mayfair’s Burlington Arcade, a Hublot monobrand boutique on New Bond Street in London and the multi brand Marcus showroom selling rare contemporary timepieces on Old Bond Street.
All three stores are now closed, with Mr Margules switching his focus to private sales to collectors from a historic townhouse on Mayfair’s Berkeley Square. The townhouse has been under renovation all of this year, but is expected to welcome its first clients soon.
Sales at Time Products (UK) Limited, the business responsible for the design and distribution of Sekonda, Accurist, Seksy and Limit watches, almost exactly matched the £37 million of 2016, but operating profit increased by 46% to £3.6 million.