Aurum Group, the luxury jewellery retailer, has announced the acquisition of watch retailer, Watch Shop.
Based in Reading, Watch Shop was formed in 1991 by father and son team Sham and Kishore Naib, who will continue in their current roles in the business following the acquisition by Aurum.
Brian Duffy, CEO of Aurum Group, said: “We are thrilled to acquire Watch Shop, a fantastic business and the market leader in the dynamic sector. We believe this is a perfect addition to Aurum’s growing portfolio of outstanding retail brands.
“It has been a pleasure to work with Sham and Kishore during the process, and we at Aurum look forward to working with them as colleagues going forward.”
Kishore Naib said: “We believe Aurum to be the ideal acquirer for Watch Shop. The strength of Aurum and the synergy between the businesses will further enable Watch Shop to continue to grow into the household name which we always envisaged.”
Sanjay Patel, chairman of the board of directors for Aurum and head of Europe for Apollo global management, LLC, said: “Watch Shop is an excellent strategic fit with the rest of Aurum’s high quality brand portfolio.
“Sham and Kishore have built a very attractive business, which we believe will continue to expand at a fast pace thanks to their on-going involvement and Aurum’s support.