Britain’s biggest jewellery and watch retailer, Aurum Holdings, has readied itself to enter London’s stock market by securing a deal with two banks.
According to exclusive reports from Sky News, the jewellery and watch group has selected Goldman Sachs and Barclays to spearhead a public listing. It has been reported that the listing is likely to take place in approximately one year’s time.
The plans, led by Aurum’s owner Apollo Global Management, are reportedly at an early stage. Apollo purchased the company in 2012.
Aurum Holdings operates 165 points of sale in the UK comprising Mappin & Webb, Goldsmiths, Watches of Switzerland, Watchshop and The Watch Lab.
Aurum is the UK’s leading watch and jewellery group with a 36.4% market share by value of total sales in 2017.
Gross margin slipped from 14.4% in FY 2016 to 12.4% in FY 2017, but total comprehensive income for the year improved from a loss of £22.6 million in 2016 to a loss of £4.6 million in 2017.
The cost of servicing the group’s debt dropped from £27.2 million in 2016 to £22.2 million in 2017.
The company employed 1,802 people at the time of filing its accounts, 88 more than in 2016.
Aurum Holdings has declined to confirm or deny the report when approached by WatchPro.