H&T Group acquires Swiss Time Services
Pawnbroker and jewellery and watch retailer H&T Group has acquired watch servicing and repair centre, Swiss Time Services.
The company is paying £4.3 million for the business with the funds coming from H&T’s existing funding facilities, which amount to £35 million.
H&T said the purchase will offer a further growth opportunity in respect of both its retailing and pawnbroking activities as the company will roll out of a watch “care and repair” service. In addition, it will bring watch repair and servicing expertise in-house to enable H&T to enhance its customer offering and improve margins. In 2022, H&T expects to send up to 4,000 watches for service or repair.
Chris Gillespie, chief executive of H&T, said: “I am very excited about the opportunities created by this acquisition as it represents an important strategic step for H&T. It enables us to bring watch expertise in-house and consequently, improve margins and broaden the range of services we can offer to our customers.
Based in Essex, Swiss Time Services employs over 30 people and is an officially accredited service centre for a range of prestige watch brands.
Tony Coe, founder and managing director of Swiss Time Services, will remain within the business in a consultancy capacity for 18 months following the acquisition.
Gillespie added: “I look forward to working with Tony Coe and the outstanding team at Swiss Time Services. We intend to continue the excellent and highly respected service provided to the large number of existing clients of the business whilst increasing the volume of work currently placed with Swiss Time Services by H&T.”
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