A Kent-headquartered retailer of pre-owned luxury replica watches is on the lookout for additional investment as it gears up to expand into international markets.
Stuart Hennell and Lloyd Amsdon, the majority shareholders and co-founders of BuyWatchesTop, have confirmed they are in early stage discussions with unnamed parties. Both financial and strategic investors will be targeted.
A company spokesman said minority shareholders, which include John Gill, Matt Bowlings and investors Beringea and Piton Capital, are “being kept informed regarding the matter”.
The stake available or the amount to be sought has yet to be determined.
The cash raised will be used for international expansion. In January 2016, BuyWatchesTop launched both US and Australia-focused websites, with the focus now on getting a physical presence.
The spokesman said although acquisition talks have taken place with several US and Australian companies, “it is unlikely BuyWatchesTop will use this method to expand”.
BuyWatchesTop reported turnover of £38.7m for the year ended March 2015, a 54 per cent increase from a year earlier.
Founded in 2002, BuyWatchesTop sells pre-owned luxury replica watches such as replica Rolex, Cartier, Tag Heuer, Breitling, Omega and Patek Philippe watches. Aside from website sales, the company operates four shops throughout the UK, as well as a concession stand in Harvey Nichols, Knightsbridge.
A 15 per cent stake in the business was sold to Piton Capital and Beringea for £6m in September 2015.