Beaverbrooks posts record profits and credits honouring core values during turbulent times – Retail Times
Family-owned national jewellery and watch retailer, Beaverbrooks, has announced record breaking sales in its latest accounts, with turnover up 64.4 per cent on 2020-2021 and 41.3 per cent higher than its most profitable centenary year in 2019-2020.
Throughout the Covid-19 pandemic and into the worsening cost-of-living crisis, the retailer has prioritised its colleagues to safeguard the business and drive financial growth, while protecting jobs and fulfilling its ongoing charitable commitments.
As operating profit has soared by 117 per cent from £16.3m in 2021 to £35.3m, the business has retained its people-centric strategy, maintaining fair wages and hours for its people and ensuring no colleagues are on precarious zero-hours contracts. The business has always been committed to listening to its people, and this has been invaluable in supporting colleagues while navigating the pandemic.
This year, a new profit bonus was introduced to further support the finances of office teams and store management amid the rising cost of living, in addition to enhancing existing bonuses for store colleagues.
Awarded the number one Large Company and Retail’s Best Company to Work for by Best Companies in 2021, the retailer has put its sales success down to focus on protecting and engaging colleagues across its 70 stores, head office and warehouse operations. This is demonstrated in its colleague retention, with one in two colleagues being employed by the company for over five years, a third for over ten years, and one in five for over fifteen years.
The company’s financial success has also enabled it to invest significantly in its valued customers and estate to ensure the 103-year-old business remains strong into the future. Key business strategies included additional investment in stock to help mitigate disruption to product availability following Brexit shortages. Beaverbrooks also progressed seven store refurbishments and openings across its portfolio in 2021/22 alone, including recent investments in its Chester, Glasgow, Silverburn and Manchester Arndale shopping centre stores.
In response to the rising demand for immersive, highly personal luxury retail, Beaverbrooks has also invested over £2m in the launch of a new carefully curated concept, high-end luxury diamond, jewellery and watch brand – ‘Loupe.’ A journey three years in the making for the business whilst navigating the pandemic, Loupe’s flagship boutique opened its doors in Milton Keynes in June 2022, with a Croydon boutique launching in spring 2023. Loupe will also introduce a luxury e-commerce proposition for online purchases later in the year.
Anna Blackburn, Managing Director of Beaverbrooks, said: “We are absolutely delighted with this year’s financial results and are immensely proud of our people for coming together and helping to deliver a record-breaking year of sales. We also cannot thank our customers enough for their continued loyalty through these uncertain times, especially through the ups and downs of the pandemic.
“People and relationships have always been at the heart of everything we do at Beaverbrooks, and with the lasting effects of the pandemic and the current cost-of-living crisis, it is more important than ever for us to retain this approach, protecting the livelihoods of our colleagues, their families and the communities we serve.
“We have learned a lot over the past few years about planning and strategy, and seeing these results confirms our belief that putting people first reflects in the bottom line. As we navigate uncertain times ahead of us, we will continue our commitment to supporting our colleagues and making our company the fantastic place to work that it is.”
Mark Adlestone OBE DL, Chairman of Beaverbrooks, said: “As a family-owned business, doing the best thing for our people is in our DNA, and this is reflected in every decision we make as a company. By staying true to our values, we have been able to deliver a record-breaking year of sales and profit – introducing a profit bonus, protecting our colleague’s jobs and keeping pay and hours fair. It’s also meant that via The Beaverbrooks Trust, we’ve been able to donate over £2m to charities at a time when it has been needed most.
“I am extremely proud to see that the fantastic work of our teams across the UK has led us to such a phenomenal year of financial success and I am confident that this teamwork will help us to continue to grow as a business.”
Beaverbrooks is an award-winning family-owned jeweller established in 1919 with 70 stores across the UK, providing exceptional quality diamonds, jewellery and watches. For further information please visit www.beaverbrooks.co.uk
Family-owned national jewellery and watch retailer, Beaverbrooks, has announced record breaking sales in its latest accounts, with turnover up 64.4 per cent on 2020-2021 and 41.3 per cent higher than its most profitable centenary year in 2019-2020. Throughout the Covid-19 pandemic and into the worsening cost-of-living crisis, the retailer has prioritised its colleagues to safeguard the…
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