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Watchfinder searching for new home in Kent within next six months
00:00, 05 April 2018
updated: 12:33, 05 April 2018
The largest pre-owned watch retailer in the UK aims to find a new home in Kent within the next six months as it aims to expand overseas and hire apprentices.
Watchfinder.co.uk has three sites in Maidstone where it stores and repairs its luxury timepieces but aims to consolidate its stocks and service centre into one location, ideally still within the borough.
The company increased revenues by 43% to £86 million in the year to the end of March 2017 and bosses believe it needs a 20,000 sq ft space to take advantage of growth opportunities in foreign territories.
It presently occupies about 12,000 sq ft across its three sites, where it employs about 125 people. Another 75 are employed at its shops across the UK, including at Bluewater.
The company, which grew pre-tax profits by 72% to £5.3 million last year, wants to act quickly to make the most of a "time-sensitive advantage" caused by the Brexit vote.
It has enjoyed a bounce in sales figures since the EU referendum, which devalued the pound making British goods cheaper for overseas buyers.
Bosses are looking at expanding into Europe, particularly France, Germany and Scandinavia. The US and Far East are also "huge markets".
This could involve opening service centres overseas.
Director Matt Bowling said: "Ultimately we see the model has potential to be established and delivered in all these territories.
"We need to make sure before that window closes to establish ourselves in the eurozone because we have more stock than anyone else in the pre-owned market, which we think is the highest quality and priced very competitively because of the exchange rate.
"No-one knows what's going to happen with Brexit. We need to make a move in a timely fashion and ultimately the faith we have in our inventory gives us confidence we can make it work.
"It's a race against time. Necessity is the mother of invention. A little bit of pressure is great because it focuses your mind."
Another reason for the planned move to a larger premises is it will give them firm more space to hire young apprentices.
Mr Bowling has been a key figure in a group of industry leaders who have designed a watchmaking apprenticeship, expected to launch before the end of the year.
He said: "One of the challenges we have which limits the amount of apprentices we can take on is the amount of space we have got in the service centre.
"Moving will potentially give us the ability to take on more apprentices.
"I need more watchmakers for our plans at home and abroad."
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