Watchfinder – the UK-based pre-owned luxury watch specialist – has received $10 million investment in a 50/50 split between the specialist marketplace investors Piton Capital, and Beringea, the growth capital investor.
The investment will be used 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.
Founded in 2002, Watchfinder has sold over £120 million in luxury brands, including Rolex, Cartier, Tag Heuer, Breitling, Omega, and Patek Philippe, as well as rare and vintage models.
Stuart Hennell, Founder and CEO of Watchfinder, said: “We at Watchfinder are very proud of the business we’ve created over the past decade, and the level of trust we’ve earned from our customers. After considering a number of strategic options for the future, we are delighted to be taking on investment from Beringea and Piton, with whom we have a shared vision for the future. Their combined expertise in e-commerce, retail, and international markets should be a great asset”.
Karen McCormick, Partner and Investment Director at Beringea, commented: “Watchfinder has become the most trusted retailer for authentic, pre-owned luxury timepieces in the UK, and is uniquely able to offer manufacturer-quality servicing to back up their warranty.” Greg Lockwood of Piton, added, “Over the past 12 years, Watchfinder has really figured out how to make the secondary market for fine watches work, and this is reflected in their outstanding track record of growth and profitability. We’re excited to partner with this strong and wellrespected company.”
Watchfinder.co.uk is one of the most visited watch-related websites in the world with over 4.4 million unique visitors a year. The first bricksand-mortar store was opened in 2013 and today accounts for 20 per cent of sales.