UK. Aurum Holdings, which owns the Goldsmiths jewellery chain, Watches of Switzerland and Mappin & Webb, has been put up for sale for a reported £200 million (US$323 million). The sale is being driven by Aurum’s controlling shareholder, the resolution committee of failed Icelandic bank Landsbanki.
Cavendish Corporate Finance is handling the divestment, which is likely to attract heavy interest from private equity interests and sovereign wealth funds.
The group has 165 stores, including several UK airport shops under the Watches of Switzerland (Heathrow terminals 1 and 4) and Mappin & Webb (Heathrow T3 and T5) banners.
Aurum reported record revenues of £326 million (US$526 million) in the year ended 30 January, with like-for-like sales up +16.6% and underlying earnings increasing by +53% to £16.1 million (US$26 million).
Aurum claims to be the world’s largest distributor for luxury brands such as Omega, Tag Heuer and Gucci. It is also the UK’s largest distributor for Rolex, Cartier and Breitling.
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