THE company which owns one of Southampton’s most prestigious jewellers has reported recordbreaking profits.
Laing the Jeweller, which owns the city centre Parkhouse the Jeweller, has recorded profits of more than £1million for the first time ever.
Laing, which is Scotland’s oldest family jeweller, reported a 42 per cent increase in profit from March 2012 to February this year.
In that period the firm increased its turnover by 19 per cent, with a pre-tax profit of £1,032,677 compared to £729,000 in the previous year.
The growth has been predominately driven by watch and diamond sales growth, while the firm has taken its first steps into online retailing in the past year.
Laing, which also runs a shop in Edinbrugh and a Parkhouse the Jeweller store in Cardiff and employs 60 people, has invested in new Patek Philippe, Rolex and Omega products in its Southampton store in Above Bar. It looks set to continue its investment this year in Cartier, IWC, TAG and Breitling products.
Laing owner and chief executive Michael Laing said: “We are operating in challenging times from an industry and brands perspective, but have delivered solid performance by focusing on improved business operations and efficiency as well as investing in our IT capabilities, employee and management training and infrastructure.
“We have concentrated on getting back to the basics of business with clear strategic goals, 60-90 day performance reviews and driven greater efficiency through tighter inventory control, cost management and a focus on key brands.
“After the first decade of the 21st century, it is very clear that what is required to succeed in retail is excellence in management and recruitment coupled with a portfolio of winning brands.
“We are confident that we are in an excellent position to look forward and grow Laing- Parkhouse further.”
In February this year the Southampton store in was targeted in a dramatic raid, which saw Gary Barnes reverse a 40ft lorry into its front window and grab £120,000 worth of Rolex watches.
After a chase through the city he was eventually stopped in Shirley, and was jailed for robbery in April.
