Hugh Rice’s website and store front in Hull’s St Stephen’s shopping centre now proudly displays the Official Retailer badge of honour from Rolex.
The family-owned business became a rare addition to the Rolex authorised dealer network earlier this year, after proving its expertise in luxury watches from its Hugh Rice The Jewellers showrooms in Harrogate, Beverley and Hull where it stocks watches from Breitling, Omega, TAG Heuer and Tudor.
The business trades at around the £30 million turnover level, but its 2017 accounts were for a nine month period as the company changed from a March to a December year end.
Sales for the nine months ending December 31, 2017, were £23.8 million, suggesting the jeweller maintained sales of around or just over £30 million for the full calendar year.
Operating profit for the nine months was £457,000. For the full year in 2016-17, operating profit was £694,000.
The accounts pre-date the opening of a Rolex room in the company’s Hull flagship store. Mr Rice says the addition required significant investment in 2018.
Hugh Rice’s website currently lists 15 stores. Ten are Pandora franchise stores, three are the more upmarket Hugh Rice The Jeweller showrooms, and two are LUXE by Hugh Rice, which stocks higher volume brands like Olivia Burton, Michael Kors and Hugo Boss.