Watch firm launches as Leeds luxury market heats up

PURVEYORS of pre-owned watches, Watchfinder, have officially launched their offering in Leeds as the luxury market begins to boom.

One of the founders, Lloyd Amsdon, has been involved in internet startups since the mid-1990s, first in the automotive sector, and he said “It sounds strange but there are similar distribution systems in the automotive industry as in the watch industry.

“Like high end cars, watches are a luxury item, you’re not likely to buy them from Tesco while you’re doing your shopping.”

The company he was involved in was sold to the Daily Mail group in the early 2000s, but he said: “I learnt a lot about marketing platforms and how to grow a business on the web, how to monetise these things from the business which has helped in my new venture.”

With his old school friend Stuart Hennell, a casual chat about buying and selling watches, specifically how hard it is to buy pre-owned watches planted the seed of the idea for Watchfinder.

“What we were interested in is vintage and preowned watches and how retail dealt with it- which was very badly,” said Mr Amsdon.

So Watchfinder was launched.

Mr Amsdon said: “We learnt what customers wanted; a fantastic product serviced to manufacturers standards.”

The firm employs 30 specialists, including 10 watchmakers in its service centre, according to Mr Amsdon this makes them one of the largest repair and restorers of watches in the UK

“In the early stages we were purely online. The problem is that top-end luxury products, where an average sale is £4,500, are a difficult sell online.

“We realised we needed to retail, and give same experience in buying a new watch as you would if bought a car. At the Victoria Quarter, like the Royal Exchange in London, you can have lunch, pick up a watch, speak to experts. A store experience is the fun part of buying a luxury watch.

“We like to be in clusters of other luxury retailers, and it was the strength of other retailers that was a real plus point for Victoria Quarter. You can’t pick and chose your neighbours but we felt at home there. It’s dominated by luxury brands and Leeds is in a prime position for that sector right now.

With other sites in Maidstone,Kent, the Royal Exchange in London next to the Bank of England and then shopping centre Bluewater, this is their first expansion into the North, and it was no idle decision.

Mr Amsdon said: “We thought, our customers will travel as there aren’t other retailers like ourselves, Leeds would draw in from surrounding areas. There are also lots of dynamic businesses in Leeds and we thrive in a city that loves innovation. There are lots of digital business, and we’re not just a luxury watch retailer, we’re an ecommerce firm as well.”