Leicester-based jeweller makes £81m US swoop
Leicester-based jewellery retailer Aurum Holdings has bought Mayors Jewelers, a chain of 17 high-end jewellers in Florida and Georgia, USA, in a deal worth £81m.
The deal gives Aurum a foothold in the US market. A statement from the company said Mayors as “a strong market leader”.
Brian Duffy, chief executive of Aurum Holdings, said: “We are delighted to have entered into an agreement to acquire Mayors by the Aurum Group. We have admired Mayors for some time and see a great deal of similarities with how we operate our business in the UK.
“Mayors has built a fantastic reputation in Florida and Georgia over many decades. We plan to fully utilise the experience and expertise of the team in Fort Lauderdale to support the Aurum plans throughout the US and we look forward to working with our new colleagues at Mayors.
“We are confident that together we will continue to develop the business in a positive way. We acknowledge the hard work and professionalism of the Birks and Mayors teams throughout the negotiations. This announcement follows our announcement to open a flagship Watches of Switzerland store in Hudson Yards NYC and confirms the ambition of our group to be an important part of the Swiss watch market in the USA.”
Jean-Christophe Bédos, president and chief executive officer of Birks Group, which owns Mayors, said: “Aurum is a strategic buyer committed to continuing investing in Mayors’ long-term growth, and with whom we share many synergies. This transaction is a significant step in our efforts to strengthen our balance sheet to better position the company for growth as well as long-term shareholder value. We believe that monetising the value of Mayors gives us the ability to execute our strategic vision of investing in the Birks brand together with the retailing of internationally-renowned jewellery and timepiece brands in Canada, thus transforming Birks into a global, omni-channel business.”
He added: “This transaction with Aurum also opens the doors to the UK market for our jewellery collections and we are extremely proud to join such a prestigious network as Aurum’s under the Mappin & Webb and Goldsmiths banners. We look forward to introducing the Birks brand in other markets as well.”
Aurum Holdings owns Mappin & Webb, Watches of Switzerland, Goldsmiths and Watchshop in the UK. The firm’s turnover soared by 23% to £565m last year, making it the UK’s largest jewellery retailer.
