DIAMOND Merchant Chisholm Hunter has said it wants to open more stores as the company heads for a year of record sales.
The Glasgow-based company said it is on course to achieve £40 million turnover in the year to March, which would beat the £29.6m achieved in the preceding period by around a third.
Owned by Harry and Tracey Brown, the jeweller is enjoying strong trading conditions with demand for luxury items such as Swiss watches booming as Christmas approaches.
‘We are experiencing consistently strong trading both in Scotland and across the border,” said Mr Brown.
Chisholm Hunter appears to be reaping the rewards of its decision to launch an ambitious expansion drive amid a period of recovery in the economy.
The company opened stores in Kent and Surrey and a fourth outlet on Glasgow’s Argyll Arcade in the year to March.
“We are well established in Scotland but are also achieving better-than-expected results in regions where brand recognition is still developing,” said Mr Brown.
With 24 stores in total, including eight in England, Chisholm Hunter plans to continue extending its geographic reach.
“We’re continuously looking for expansion opportunities in both our existing estate and new locations,” said Mr Brown.
He added: “The stores are increasingly supported by our website, in which we invested significantly last year, to expand its capabilities and to capitalise on its potential as a key growth channel for the business.”
Writing in the latest accounts for the company filed at Companies House, Mr Brown said the board remains positive about the long term growth prospects of a business which can trace its roots to Victorian times.
The business developed out of a store of ‘10,000 Wonders’ which opened on Chisholm Street in Glasgow in 1857.
Mr Brown bought the business in 1989. It had one store at the time.
His confidence may reflect the fact Chisholm Hunter grew sales strongly without sacrificing profitability in the year to March.
The company made £3.5m pre-tax profits, up £0.8m, 30 per cent, on the £2.7m achieved in the preceding year.
Sales increased by 19 per cent, £4.7m, to £29.6m from £24.9m.
Chisholm Hunter said its Glasgow-based support centre has doubled in size in the past 12 months. More than 50 people work in the centre, from where the company runs its website and training operations.
The company increased average employee numbers to 221 on a full time equivalent basis in the year to March, from 198 in the preceding period.
The new Argyll Arcade store opened in July last year shortly before the Glasgow 2014 Commonwealth Games, which the firm noted put the city in the international spotlight.
The store was opened to showcase the firm’s pre-owned watch range, featuring timepieces from brands such as Rolex, Cartier, Omega and Ulysse Nardin.
The company has been very pleased with the performance of the store.
Regarding recent trading, Mr Brown said: “We recently launched six exclusive jewellery collections, which are performing exceptionally well, as are our premium Swiss watch brands.”
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