Anthony Nicholas Group, the parent company of the Fraser Hart fascia in the UK and Fields in Ireland, is to sell seven of its UK Fraser Hart stores as it looks to accelerate development as an omni-channel business.
The Group has reached agreements that will see four of the seven stores, located in Brent Cross; Kingston; Stratford and York, purchased by Watches of Switzerland Group and a further three, located in Cardiff; Croydon; and Milton Keynes will be purchased by Beaverbrooks.
The scheduled completion for both transactions is in the first quarter of 2020.
According to Anthony Nicholas Group, the sale of these stores will “see the company focus on driving a more consistent, quality jewellery and watch offering across its remaining 32 stores in the UK and 14 in Ireland, as well as its online channel in both markets”.
Over the next three years, the Anthony Nicholas Group will drive an investment programme encompassing its store and online channels as well as its watch and jewellery brands and product ranges.
Additionally, the Group said its store environment within its remaining Fraser Hart and Fields showrooms will be upgraded and re-purposed to enhance the overall buying experience for customers.
Noel Coyle, chief executive of the Anthony Nicholas Group explained: “We will also be investing more in our people as part of this programme.
“We have fantastic people working with us across the group and we recognise how important they are in helping us to realise our ambition of developing long-term relationships with our customers.”
Established over 80 years ago, Anthony Nicholas Group offers brands including IWC, Omega, Breitling, Tudor, Tag Heuer, Longines and Gucci; along with diamond and jewellery ranges.
It is understood that Fraser Hart will no longer work with luxury watch brand Rolex following the sale of the seven stores, as all of those being sold were the branches which were authorised to sell Rolex.
It has not yet been confirmed whether the Rolex agency in each of these stores will be transferred to their new owners.
Coyle added: “We want to acknowledge and thank our teams in those stores leaving the group for their huge contribution to our business over the years and to wish them every success in the future.”