Upmarket jeweller increases its profits

UPMARKET jeweller Hamilton & Inches has underlined its commitment to the Scottish High Street after growing profits and completing a multi-million pound investment in its flagship store amid the challenges posed by the fallout from the pandemic.

The latest accounts for the Edinburgh-based firm show it made a profit of £236,153 in the period ended March 27, compared with £153,885 in the preceding year.

The accounts cover a period during which retailers suffered huge disruption as a result of lockdowns that were imposed to try to slow the spread of the coronavirus.

However directors said they had used the turbulent period as a time to prepare the business for the future. The directors of the parent holding company include Scots fund management star Walter Scott, who is the majority shareholder.

In a statement, Hamilton & Inches’ chief executive Victoria Houghton noted trading was impacted by two shop closures each lasting about three months. Turnover fell to £6.7million in the latest year, from £9.1m.

Ms Houghton noted: “In the months the showroom was open, trading was extremely positive, particularly over the festive period and online sales have continued to grow.”

Directors said the business had tightly controlled costs and where appropriate, utilised Government support under initiatives such as the furlough and VAT deferment schemes. They noted: “As with many other businesses this support has been invaluable to help navigate the challenges brought by the pandemic.”

In terms of preparations for the future, Ms Houghton said Hamilton & Inches had completed an operational and structural review in order to identify areas of strength and refocus its efforts.

The parent firm supported a £3m transformation of the firm’s George Street property, which she said has brought a contemporary feel to the retail floor, workshops and service areas while rejuvenating the Georgian building’s heritage.

Ms Houghton said the investment made over the last 12 months demonstrated commitment to the future of Hamilton & Inches and the Scottish high street.

She added: “We are confident in our team, the business, and the luxury retail market and we feel there has never been a more important time to play a key role in driving Edinburgh’s retail recovery.”

The 155-year-old business received £448,783 Government grants in the latest financial year. The monthly average number of employees fell to 40, from 50.