Watches of Switzerland starts clock on London IPO plan

Watches of Switzerland, the UK’s biggest Rolex seller, on Thursday unveiled plans for a potential float that could value it at as much as £800 million.

In a bid to expand in the UK and US and grow annual sales to £1 billion, the luxury retailer’s US private equity parent Apollo will sell down its stake and offer new shares.

The firm, which has expanded heavily, is also looking to pay down part of its debt pile. Apollo will remain the biggest shareholder in the company.

The business comprises the Watches of Switzerland brand, founded in Ludgate Hill in 1924, as well as other chains like Goldsmiths.

The firm, which also sells brands such as Patek Philippe, Cartier and Breitling, was first linked to a float nearly a year ago. There was no guidance on what valuation the company might achieve, but it is understood to be in the range of £600 million to £800 million.

Chief executive Brian Duffy said he has been meeting with investors over several months to get feedback on appetite for the listing. The Scotsman told the Standard: “We did look at listing in other markets, but we are a UK business and have had years of success. It felt like the right time for us to float.”