$10 MIL­LION

Plaza Watch International - - News -

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.

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