Beaverbrooks continues to dazzle

Beaverbrooks the Jewellers is proving that retailers can be a success on the high street with an increase in turnover and “steady” operating profits.

The Lytham St Annes-based family owned firm is celebrating its centenary and today operates 71 stores across the UK.

The business has bucked the trend of poorly performing high street retailers by racking up five consecutive years of growth in its centenary year. Revenues hit £127.4m, compared with £123.8m the previous year.

However, operating profit of £12.4m dropped from £13.6m a year ago, and the gross profit margin fell “moderately” from 17.3 per cent in 2018 to 16.4 per cent.

The business say that is a result of the development of a subsidiary company, increased investment in employees and new stock lines in preparation for the 100th anniversary.

For the first time its results include subsidiary business Lime Events Group, a start-up company that produced its first event in the period.

As part of its mission to ‘enrich lives,’ Beaverbrooks donates 20 per cent of retained profits to charity and this year donated £1.265m. Since 2000, the company has donated in excess of £14m to more than 750 charities.

Beaverbrooks also received the Diamond Award from the HM Government & Institute for Fundraising for its payroll giving scheme.

It’s the eighth consecutive year of recognition for the company’s commitment to payroll giving and 46 per cent of its people were involved, compared to the national average of seven per cent.

During the period Beaverbrooks employees gave £55,712 through the scheme. The net donation is 100 per cent matched by the company, resulting in total donations of £97,449.