Family firm glitters in the world of jewellery

Mar 26 2008 by Barry Turnbull, Liverpool Daily Post

BOODLES may have been created just as the French revolution was kicking off, but there can be no trendier brand in contemporary up-market jewellery just now.

A galaxy of stars like Victoria Beckham and Madonna have sported their products in recent years.

The family-run Liverpool chain last year scorched to a record turnover of more than £31m with bumper profits of £3.6m.

Boodle’s own revolution came 200 years after forming in 1798, when the business underwent a brand makeover and concentrated on creating its own line of stylish dress wear rather than promoting other industry names.

It’s been an unqualified success and has paid big dividends – quite literally.

In 2007, the company created a stir on the glitzy celebrity circuit when it moved its flagship London store from Regent Street to New Bond Street.

Gems expert and chairman Nicholas Wainwright summed up the company’s progress in its annual financial report: “Virtually all of the company’s products are entirely designed and manufactured in-house.

“The product range has expanded to incorporate more high value items which have sold very well. The company adopted a new marketing campaign during the year which has unquestionably raised the profile and enhanced the brand.”

Mr Wainwright also referred to frequent offers from predators seeking to acquire some or all of the shares in the company, but said all approaches have been rebuffed.

“We have no interest in diluting the shareholding from the family. The company now has family succession building blocks in place with Jody (Nicholas’s son) and James (nephew) in full-time employment.”

In the year to March, 2007, the business had sales of £33.1m, far outstripping the previous figure of £25m. The increase was 34% overall and 28% on a like-for-like basis. Profit before tax was £3.6m compared with £1.6m previously.

Figures show that the business has trebled in size in five years, and shows no sign of slowing down.

Financial results for this year are expected to build on last year’s success.

BARRY TURNBULL