First half revenue rises at Watches of Switzerland

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First half revenue rises at Watches of Switzerland

Revenue has risen at Leicester-based Watches of Switzerland Group during the first half its financial year.

In the 26 weeks to 27 October 2024 (H1 FY25) group revenue rose to £785m, from £761m in the same period last year.

Profit before tax, however, was down at £41m, from £67m last year.

Brian Duffy, Chief Executive Officer, said: “We are pleased to report H1 FY25 revenue growth of +4% in constant currency reflecting an encouraging improvement in trading in Q2, driven by growing demand in the UK and US, and consistent growth in client registration lists, along with the acquisition of Roberto Coin in the period.

“As previously outlined, in Q1 we increased showroom stock levels of key brands to enhance displays and client experience, particularly in the US. With the stock rebuild complete, in Q2 we drove significantly improved US revenue of +24% (constant currency) and revenue in the UK market turned positive.

“Price increases from brands in the half have been modest, and this has also positively influenced consumer sentiment. Consequently, overall Group revenue increased +11% in Q2, in constant currency.

“Our newly acquired Roberto Coin business in North America has traded strongly since acquisition and is now making a good contribution to our Group. Integration is progressing well, and growth plans are underway.

“We are also encouraged by the performance of the Rolex Certified Pre-Owned programme and the sustained growth in our overall pre-owned business. Additionally, we acquired Hodinkee, a leading global digital platform for luxury watch enthusiasts, further strengthening our online sector leadership. Integration is progressing in line with our expectations.

“Q3 trading has started encouragingly, and we have continued with our showroom transformation programme. Looking ahead, key showroom openings in H2 include the flagship Rolex boutique in Old Bond Street, London; Audemars Piguet Town House, Manchester; Rolex introduction in Plano, Texas, and a reintroduction in Jacksonville, Florida; and the conversion of Mayors Lenox, Atlanta, to a Rolex mono-brand boutique.

“Our trading momentum through November, visibility of intake and second half opening of large showroom investments support our full year guidance, which is unchanged.

“This year marks the centenary of Watches of Switzerland, celebrated with a number of exclusive products, and we extend our gratitude to our colleagues for their unwavering dedication and exceptional client service throughout the year.”

£40m funding from Octopus Real Estate to deliver three new care homes

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£40m funding from Octopus Real Estate to deliver three new care homes
Octopus Real Estate has announced £40 million of funding for three new purpose-built care homes in the Octopus Healthcare Fund’s (OHF) portfolio of over 100 homes. These new care homes will provide a total of over 200 beds, each with a private wet room, having been funded as part of a strategic partnership with operator Torwood Care. The sites are prominently located in Durham, Worksop and Bradford, and will operate as Tanglewood Care. The homes, which are being developed by Torsion Care, will be fully electric, powered by air source heat pumps and featuring solar panels. All homes are targeting BREEAM ‘Excellent’, contributing to the Fund’s ESG performance and net zero targets. These acquisitions mark sites three, four and five of a seven-home forward funding portfolio with Torwood Care, a joint venture partnership between Torsion Care and Tanglewood Care. The three new homes are expected to open in the first half of 2026. Forsters LLP acted for the Fund on all three acquisitions. Max Weitzmann, Investment Director, Care Homes, Octopus Real Estate, said: “We’re pleased to build on our partnership with Torwood Care, an experienced and well-respected operator. We have now worked together on the development of five best-in-class elderly care homes across the UK, totalling over 350 beds. “It’s another example of Octopus Real Estate’s commitment to delivering quality, sustainable homes that are fit for the future and meet the needs of society. We look forward to working with Torwood on additional developments going forward, working together to address the undersupply of high-quality care beds across the UK.” Nick Kempster, Director, Torwood Care, said: “At Torwood, we believe that everyone has the right to live in a home that is fit for their needs, and we take great pride in providing quality care in comfortable, relaxed and homely surroundings. “The developments we have funded with the Octopus team are a prime example of that commitment; we’re delighted to be working with Octopus Real Estate to fund and operate these three purpose-built care facilities.” Martin Hutson, Director, Torsion Care, said: “We’re thrilled to have secured project funding with Octopus Real Estate to enable us to deliver three more excellent schemes in an increasingly demanding market. We are expanding our own development portfolio and are excited to continue working with both teams.”

Bambino Mio sold following appointment of administrators

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Bambino Mio sold following appointment of administrators
Bambino Mio, a Northampton-based multi-category consumer goods brand focused on reducing waste through the use of reusable nappies, has been sold after falling into administration. Kiri Holland and Danny Dartnaill of BDO LLP were appointed Joint Administrators of Bambino Mio Limited on 29 November 2024. The Joint Administrators completed a pre-packaged sale of the business and assets of the company immediately following their appointment to Demeter Project Limited, a wholly owned subsidiary of Kiddy Cloud Limited. This transaction has protected the jobs of 22 staff who have transferred to the new owners of the business, as well as providing business continuity for the company’s suppliers and customers. As part of the transaction, the company’s wholly owned trading subsidiary, Bambino Mio B.V., based in the Netherlands, has also been acquired on a solvent basis. Kiri Holland, one of the Joint Administrators, said: “Bambino Mio is a well-established consumer business that has experienced similar headwinds to other operators in the sector. “We are delighted to have secured a sale of the whole business, including its international operations, preserving 22 jobs in the UK and delivering value for creditors and continuity for business stakeholders.”

Landmark agreement between the UK, Qatar and Rolls-Royce to support clean energy transition

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Landmark agreement between the UK, Qatar and Rolls-Royce to support clean energy transition
The UK’s position in clean energy has received a further boost as a landmark agreement with Qatar reaches a significant milestone, solidifying £1 billion of investment in climate technology. The partnership is expected to create thousands of highly skilled jobs over its lifetime and will see the launch of climate technology hubs across the UK and Qatar to accelerate development in climate-friendly technologies. This includes investment in technology programmes by Derby engineering giant Rolls-Royce that improve energy efficiency, support new sustainable fuels and lower carbon emissions. It will also see investment into start-ups in the UK and Qatar focusing on energy efficiency, carbon management, and green power. Prime Minister Keir Starmer said: “I am proud that Qatar has chosen to base this global partnership here in the UK and I am delighted that the project is getting off the ground with this initial £1 billion commitment. “Qatar and Rolls-Royce pursuing these opportunities in climate technology is a significant step in our ambition to become a clean energy superpower and further evidence that the UK is one of the best places in the world for companies to develop those technologies.” Prime Minister of Qatar HE Sheikh Mohammed Abdulrahman al Thani said: “We are delighted to formally launch this groundbreaking partnership. The United Kingdom has a proud history of innovation in cutting edge technology, and Qatar has long been a trusted investment partner to British businesses. This new collaboration aligns with our long-term strategy to invest in the economies of the future. “We welcome the formalisation of our strategic relationship with Rolls-Royce. Qatar is already one of the largest purchasers of Rolls-Royce engines for Qatar Airways and a major investor in the small modular reactor nuclear industry. This new partnership further strengthens Qatar’s position as a leading global investor in climate technologies.

“We welcome the creation of highly skilled jobs in both Qatar and the UK, and look forward to welcoming a diverse range of businesses to Doha as part of the Rolls-Royce partnership.”

Tufan Erginbilgic, CEO, Rolls-Royce, said: “In the last two years we have made significant progress in the transformation of Rolls-Royce. This announcement is further evidence of our progress to create a highly competitive and fast-growing company.

“Enabling the energy transition through lower carbon technologies is a key part of our strategy. We are delighted to welcome Qatar as a strategic partner, who will support the growth of these technologies. They share our ambition to make an impact on the challenge of climate change.”

Frasers Group makes profit warning following Budget

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Frasers Group makes profit warning following Budget
Retail giant Frasers Group has issued a profit warning in its half year results, following the recent Budget.

The Shirebrook-based business noted that while its first half marked another period of progress “both ahead of and after the recent Budget, consumer confidence has weakened and recent trading conditions have been tougher.”

Frasers Group added: “Given this current uncertainty, FY25 APBT is now expected to be in the range £550m to £600m. Further out, we expect to incur at least £50m of incremental costs going into FY26 as a result of the recent Budget, but we are working hard to mitigate these in order to maintain our profitable growth ambitions.”

In unaudited results for the 26 weeks ended 27 October 2024 (FY25 H1), the firm saw group revenue of £2.54bn, dipping from £2.77bn in the same period of last year.

An adjusted profit before tax of £299.2m, meanwhile, was down on £303.8m last year.

Michael Murray, Chief Executive of Frasers Group, said: “The first half of this year has been another period of progress for the Group, delivering on our objectives as the Elevation Strategy continues to take the business to the next level.

“Sports Direct UK delivered further sales growth, and our Property and Financial Services divisions are seeing encouraging progress.

“We continue to operate with discipline to ensure our business is as resilient as possible – proactively right-sizing recent acquisitions to set them up for profitable long-term growth and driving further automation benefits to exceed our stock reduction targets for the period.

“We have also made significant strides in international expansion, developing new partnerships across Australia and Africa, and unlocking opportunities as we move further towards our goal of becoming a leading global sports retailer.

“We are set to deliver another year of profitable growth but, given recent weaker consumer confidence leading up to and following the Budget, FY25 APBT is now expected to be in the range of £550m to £600m.”

Facilities management services provider snaps up Northampton firm

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Facilities management services provider snaps up Northampton firm
BGIS, a provider of facilities management services, has acquired Briggs & Forrester Building Services Maintenance (BSM), a division of Briggs & Forrester Group. The acquisition of BSM, a well-established national Mechanical & Electrical building services maintenance provider, marks a significant milestone in BGIS’ commitment to providing best-in-class delivery within the UK. The Corporate Finance team at Dow Schofield Watts in the Midlands, led by Ryan Shields and Fahim Kassam, advised Briggs & Forrester Group on the sale of BSM, working closely with lawyers from Howes Percival, led by Matthew Thompson. BGIS was advised by a legal team from RPC led by Jeremy Cunningham. This acquisition will enable BGIS to strengthen its position further by offering an expansion of technical services to meet the evolving needs of its clients. BSM’s expertise in mobile, HVAC, combustion and specialist electrical services will enable BGIS to provide highly skilled technical capabilities across a broader geography. Regarding the deal, Gary Bullen, UK President at BGIS, said: “BSM has a strong reputation of delivering quality national mobile and specialist services to its customers. “This acquisition is an exciting step forward for our commitment to our customers through the addition of 100+ highly capable, effective and responsive engineers with a strong support team.” Paul Burton, Chairman & CEO of Briggs & Forrester Group, added: “The sale of BSM follows 5 years of strategic change in which BSM has grown significantly, providing a consistently high level of performance. Clear synergy was evident with BGIS, and we are mutually aligned with an employee-focused ethos. “The sale provides BSM with new ownership and investment to move the business forward further, whilst Briggs & Forrester Group will concentrate on its core contracting activities across the UK, with a stronger balance sheet that will support investment within the Group.” Ryan Shields, Partner at Dow Schofield Watts, said: “We are very proud to have advised on the successful sale of BSM to BGIS. From the outset, it was evident that there was a real cultural alignment between the two organisations and that BGIS’s global expertise and commitment to excellence made it the perfect new owner for BSM. “It has been a privilege to support this transaction, which highlights our expertise in the built environment sector. We look forward to seeing the combined group capitalise on its strengths to achieve even greater success in the future.”

Visitor economy bounces back in Mansfield

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Visitor economy bounces back in Mansfield

New figures show that tourism is continuing to bounce back in Mansfield after being hit by the Covid pandemic.

The number of visitors and economic impact of tourism on the district is being monitored for the council by Global Tourism Solutions so that the authority can better understand the importance of the visitor economy. New analysis of the data for Mansfield shows that in 2023:
  • The visitor economy was worth £130.76m, up from £124.75m in 2022 and making good progress back to the 2018 high of £147.23m.
  • The figures show there were 2.82m visitors to the district, up 4.2% on the 2022 figure of 2.71m in 2022 but still below the pre-pandemic figure of 3.22m in 2019.
  • The sector supported the full-time equivalent (FTE) of 1,540 jobs, compared with an FTE of 1,379 in 2022 and 1,254 in 2021.
  • Most people visited Mansfield to go shopping, which accounted for 42% of expenditure, followed by food and drink at 29.3%.
  • Day visitors made up 81% of the total value of the visitor economy, up from 80% in 2022.
  • The number of visitor days also increased with 3.09 days recorded in 2023 compared with 2.97 days in 2022 and 2.66 days in 2021. However, they remain below the pre-pandemic levels in 2019 of 3.51 days.
  • Spring and early summer were the most popular times of year to visit the district in 2023 with 300,000 visits in May and 291,000 in June.
The improvements in Mansfield echo data for the county which shows the total value of tourism across Nottinghamshire in 2023 reached £2.36bn, marking a 15.40% increase from the previous period. Figures for the county show it welcomed 34.33m visitors in 2023, an increase of 4.12%. The average spend per visitor continued to climb with an overall rise of 10.81% to £68.94 economic impact per trip. And across Nottinghamshire, the sector currently sustains 22,437 FTE jobs, reflecting a 9.33% growth on the previous year. Cllr Stuart Richardson, Portfolio Holder for Regeneration and Growth, said: “These latest figures are encouraging and show we are on the right track – but we still have more to do to reach our pre-pandemic levels. “With a cracking timetable of exciting events planned next year – thanks to government and Arts Council England funding to support our Destination Mansfield project – we are confident we will continue to see improved figures this year. “More visitors bring more growth, more jobs and more inward investment and these are all vital for people to feel and experience an improvement in Mansfield’s prosperity.” The data uses STEAM (Scarborough Tourism Economic Assessment Model), an industry-recognised evaluation of the volume and value of the visitor economy. The data will help inform future growth, investment and development opportunities as part of the district’s Destination Mansfield strategy.

New initiatives revealed to revitalise Northampton town centre

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New initiatives revealed to revitalise Northampton town centre
West Northamptonshire Council (WNC) has announced a series of new initiatives aimed at helping transform the Grosvenor Shopping centre and enhancing the vitality of Northampton town centre. In partnership with Evolve, the owners of the Grosvenor centre, these initiatives are designed to attract more shoppers, support new businesses, and ensure a sustainable future for the town. While the centre has recently attracted a number of new tenants, some units remain vacant or underused and the council saw an opportunity to build on already successful town centre regeneration schemes. Under the new plans, to be discussed at Cabinet on Tuesday 10 December, a series of key developments would be delivered:
  1. H&M Expansion: A loan of up to £2 million will support the development of a larger, more modern H&M store following its decision to move from Abington Street. As a key high street brand, H&M’s expansion is expected to draw more shoppers to the town.
  2. Flexible Workspaces: In partnership with workspace provider Wizu, a £1 million loan will facilitate the creation of flexible workspaces within the centre. This initiative aims to support remote working and attract new micro-businesses to Northampton.
  3. Leisure Parking: To accommodate a new leisure operator in the former Sainsbury’s unit, 180 two-hour free parking spaces will be provided, making it easier for visitors to enjoy the new facilities.
  4. Micro Shops: An investment of £375,000 will convert several units into micro shops on the centre’s first floor. This project will support new business startups, with a profit-sharing arrangement to benefit the taxpayer.
  5. Belgrave House Redevelopment: Restrictions on the use and sub-letting of Belgrave House will be removed, allowing WNC to make productive use of the building in line with the Greyfriars masterplan.
The agreements would also confirm WNC’s rights to install solar energy equipment on the Grosvenor Centre car park. These agreements are part of WNC’s broader strategy to make Northampton town centre a destination of choice and support the sustainability of the area. The council’s approach includes loans and direct investments to attract new businesses and enhance the shopping experience. This approach would provide the council with a profit-share on the newly-developed micro shops and ensure its loan costs were covered. Cllr Daniel Lister, Cabinet Member for Local Economy, Culture and Leisure, said: “We are committed to revitalising Northampton town centre and making it a vibrant, attractive place for residents and visitors alike. “These initiatives, developed in partnership with Evolve, will bring new life to the Grosvenor Centre and support local businesses. “Alongside our extensive programme of regeneration in the town – including the recent redevelopment of Northampton Market Square and ongoing improvements in Abington Street and Fish Street – these measures will help ensure a sustainable future.” Before they are formally committed to, the council will complete thorough due diligence to mitigate risks associated with the proposed loans, ensuring that investments are secure.

Partnership working in Chesterfield leads to more young people taking up STEM careers

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Partnership working in Chesterfield leads to more young people taking up STEM careers
More young people are taking up manufacturing and engineering courses in Chesterfield, according to new figures. Chesterfield College has reported an 80% increase in engineering study enrolments for 16–18-year-old students in the last 3 years. The figure was released during the annual Made in Chesterfield Festival, in which local businesses invite school pupils to their factories and premises to showcase the range of rewarding careers in STEM sectors. Destination Chesterfield and Direct Education Business Partnership coordinate the Made in Chesterfield campaign. It is delivered in association with the Chesterfield College Group and supported by Chesterfield Borough Council, EMCCA Careers Hub, MSE Hiller, United Cast Bar Ltd and Natwest. More than 3,500 school pupils in Chesterfield have now engaged with the town’s manufacturing and engineering businesses since Made in Chesterfield was first launched 10 years ago. This year, students were invited to visit several businesses, including: MSE Hiller, Superior Wellness, Weightron Bilanciai, United Cast Bar, The Devonshire Group, Penny Hydraulics, Aztec Oils, Heraeus Electro-Nite, and Chesterfield Construction Skills Hub. Celebrating its success, Nick Catt, Board Member of Destination Chesterfield and Managing Director of Weightron Bilanciai, said: “To see more young people enrolling in engineering courses across our town is a testament to the fantastic collaboration between the College and local businesses in recent years. “We know how vital it is to highlight careers in Manufacturing, not just to help our businesses grow in the future, but to allow our people to thrive in skilled and rewarding jobs. I look forward to seeing further partnerships across our town to keep narrowing the existing skills gaps in our sector.” Julie Richards OBE, Principal and CEO of The Chesterfield College Group, added: “We are delighted to see such a significant increase in young people choosing to pursue engineering and manufacturing courses at Chesterfield College. “This 80% rise in enrolments reflects both the growing interest in STEM careers and the strength of the partnerships we’ve built with local businesses through initiatives like Made in Chesterfield. “By working together, we’re ensuring that our students are equipped with the skills, knowledge, and opportunities they need to thrive in these dynamic industries, helping to secure a prosperous future for Chesterfield and beyond.” Schools in the area have also expressed their gratitude to businesses for opening their doors to young people. Debbie Crossley, Careers Adviser at The Bolsover School, said: “The Made in Chesterfield tour to MSE Hiller was so informative and insightful, and I really appreciate the team taking the time to speak with our students and explain things in detail. “The links to the curriculum were fabulous and covered several subjects including English, maths, physics and chemistry. It was great to see the students relating some of their classroom learning to the skills and knowledge they will need in the workplace.” Clare Talati, CEO of Direct Education Business Partnership, said: “We are thrilled to continue supporting the Made in Chesterfield initiative, which plays a crucial role in connecting young people with local employers. “By providing meaningful, hands-on experiences, we’re raising awareness of the fantastic career opportunities available right here in Chesterfield. These partnerships not only inspire the next generation, but also help businesses engage with potential future employees, ensuring the local workforce is prepared for the challenges and opportunities ahead.”

APSS named finalists in Lincolnshire Construction and Property Awards 2025

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APSS named finalists in Lincolnshire Construction and Property Awards 2025
Commercial design and fit out company APSS has been named as finalists in both the Design Consultant of the Year and Development Project of the Year (Under £5m) categories for the Lincolnshire Construction and Property Awards 2025, cementing its reputation as a leader in innovative design and development in the region. Organised by the Lincolnshire Chamber of Commerce, the awards celebrate excellence, innovation, and sustainability in the construction and property sector. APSS’s nominations highlight its dedication to delivering creative, client-focused solutions that combine cutting-edge design with practical functionality. Recognition for Exceptional Design The nomination for Design Consultant of the Year in conjunction with Bainland Lodge Retreats, underscores APSS’s commitment to providing tailored, high-quality design services. “Our team takes immense pride in creating designs that not only look stunning but also enhance functionality and user experience,” said Laurence Barrass, Managing Director of APSS. “Being named finalists in this category is a testament to the creativity and hard work of our talented designers.” Spotlight on Development Excellence The second nomination, Development Project of the Year (under £5m), celebrates the standout project of LEW Electrical Distributors’ new headquarters in Gainsborough. It showcases APSS’s expertise in project management and execution. The project, completed earlier this year, exemplifies APSS’s ability to transform spaces while meeting the highest standards of sustainability and efficiency. Stuart Marsland, Sales Director for APSS, said: “This project truly reflects our ethos of combining visionary design with practical implementation. Being recognised in this category is a huge honour and validates the efforts of everyone involved.” Innovation and Collaboration at the Core At the heart of APSS’s success lies a dedication to fostering strong partnerships with clients and stakeholders. The company’s collaborative approach ensures that every project is tailored to the client’s unique requirements, resulting in spaces that are not only visually striking but also highly functional and future-ready. Over the past year, APSS has placed a particular emphasis on sustainable design and development, incorporating eco-friendly materials and practices into its projects. Laurence added: “We are thrilled to be finalists in these awards. It’s a reflection of the hard work, creativity, and passion that drives our entire team. At APSS, we strive to deliver excellence in everything we do, and these nominations highlight the impact we’re making in the Lincolnshire construction and property sector. Regardless of the outcome, we are incredibly proud to be recognised alongside some of the Lincolnshire’s best.”
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