CHISHOLM Hunter, the Scottish jeweller and diamond merchant, has declared its ambition to expand its growing store portfolio south of the Border after securing a multi-million bank funding deal.
The Glasgow-based company, owned by gemologist Harry Brown and wife Tracey, struck the deal with Clydesdale Bank shortly after it invested £20 million to acquire the building which houses its new flagship store Edinburgh’s Princes Street.
The store, Chisholm Hunter’s second in the city, is spread over three floors, making it one of the biggest jewellery retail spaces in the UK. With views of Edinburgh Castle, it includes a Swiss timepiece room and Champagne bar.
The facilities put in place by Clydesdale, the jeweller’s existing banker, helped fund the Princes Street acquisition and will allow the chain to open further outlets.
Chisholm Hunter, which can trace its roots back to 1857, currently has 25 stores across the UK. With the company now having a strong presence in Scotland’s major towns and cities, including in major shopping malls, Mr Brown said the focus would be on finding sites in England. It already has shops in Chester, Kent, Manchester, Nottingham, Warrington and Wigan.
The company currently employs around 300 staff, which the company describes as “highly-trained professionals”.
Mr Brown, who took over Chisholm Hunter when it had just one store, in Glasgow’s Argyle Arcade, nearly 30 years ago, said the company has “ambitious growth plans”.
Asked if he was targeting any particular locations for openings, he said the “reality” is that there are “more opportunities in England for us” than the company’s native Scotland.
Mr Brown admitted that, in common with our businesses, he would welcome the return of more stable political conditions. But he expressed the view that the jeweller could benefit from a rise in tourism as a result of sterling’s weakness following the Brexit vote. And, while, citing the currency weakness as a potential dilemma if it affects diamond prices, he is confident this will be offset by his own expertise in diamond grading and gemology. Chisholm Hunter buys diamonds directly from source around the world and, Mr Brown said, does not purchase from “middle men”.
Donna Bateman at Clydesdale Bank, said: “We are very pleased to be working with Chisholm Hunter. It has an extremely strong heritage, unique selling points, and ambitious growth plans.”
The most recent accounts for Chisholm Hunter show that it reported pre-tax profits of £3.03 million, on turnover of £32.9m, in the year ended March 31, 2016.
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