Investment in Watchfinder by Beringea and Piton capital
HMT LLP led by director Paul Read and manager Adrian Howells advised Beringea LLP (“Beringea”) and Piton Capital LLP (“Piton Capital”) on their £6.4 million investment in UK leading pre-owned online watch retailer Watchfinder.co.uk Ltd (“Watchfinder”).
Founded in 2002, Watchfinder is the UK market leader in pre-owned luxury watches, having sold over £120 million worth of luxury brands such as Rolex, Cartier, Tag Heuer, Breitling, Omega, and Patek Philippe, as well as rare and vintage models. In addition to its extensive online marketplace, the company has opened a flagship boutique in the Royal Exchange in London, a luxury shopping centre located next door to the Bank of England. For over 12 years, Watchfinder has developed an outstanding track of record of growth and profitability with turnover of £25 million last year.
The £6.4 million investment by Beringea and Piton Capital, will help Stuart Hennell, founder and CEO of Watchfinder and his team to broaden the company’s inventory and offering of luxury timepieces, roll out a multi-media marketing campaign and further fund the watch servicing centre, as well as provide limited liquidity for existing shareholders.
Karen McCormick, Investment Director at Beringea commented:
‘We found HMT’s input and guidance during the financial due diligence process to be invaluable. Paul and Adrian were quick to get under the skin of the business and understand the complex accounting issues. They kept us informed of their findings throughout the process and thanks to their timely and accessible reporting, we were able to complete the deal smoothly and efficiently.’
Paul Read commented:
“We are delighted to have advised Beringea and Piton Capital on their investment in Watchfinder. With the rapid development of online retail and Beringea & Piton’s support, Watchfinder is in strong position to continue their amazing growth. We wish the business every success and look forward to working with them again in the future.”