Company appoints advisor Grant Thornton to explore sale options.
By Deepa Narwani
Birmingham-based gold dealer Jewellery Quarter Bullion could be put up for sale after it announced it has appointed Grant Thornton to assist in exploring sale options beyond the UK.
The firm is behind Bullion By Post, the internet dealer of gold and silver in the UK. According to a report in The Telegraph, its founder Rob Halliday-Stein said a sale would make way for international expansion and meet the need for buying physical gold and silver bars and coins in the UK.
Jewellery Quarter Bullion purchases bullion from traditional dealers and sends it on to retail investors the next day.
In its first year Jewellery Quarter made £6 million in sales and pre-tax profits of £20,000. In the year ending April 2012 it reported sales of £55 million with a pre-tax profit of £1.5 million.
Halliday-Stein said that increased funding would help the business to boost its expansion and bring in a larger management team. He launched the company in 2009 with £10,000 inherited after his mother’s death, as a way of addressing a difficulty with buying physical gold.