Aurum Holdings is officially no longer for sale, the group’s chief executive revealed exclusively to Professional Jeweller’s sister publication, Watchpro, last night.
Aurum’s private equity owner Apollo Global Management has spent the past year preparing the group for sale and speaking to potential buyers, but has decided there is more value in keeping the business for now.
“This is great news for the group,” Aurum Holdings chief executive officer, Brian Duffy, told WatchPro editor Rob Corder. “It removes any uncertainty and allows us to focus entirely on growing the company.”
“It is good for our team, for our partners and our owners,” he added.
Aurum Holdings, which owns Goldsmiths, Mappin & Webb, Watches of Switzerland and Watch Shop in the UK, and this week completed the acquisition of Mayor’s Jewellers in the US, is on track to generate sales of $1 billion this year, Duffy claims.
Signet Jewelers has been growing steadily for the past three years, with group sales rising from £447 million in 2014 (FY 2015 ending January 31 2015) to £489 million last year.
However, over the same period growth at Aurum Holdings has been steeper; with group sales soaring from £374 million in 2014 (FY 2015 ending January 31 2015) to £565 million last year.
The Aurum Group has plans to expand its business in the UK and the US over the next 12 months.