After a period of well-publicised expansion comes a period of consolidation for Beaverbrooks. The UK family jewellery/watch retailer has said it will close seven UK stores in March and April following a performance review by senior management.

It will bring its store count down to 82 showrooms.

Earmarked for closure are units in East Kilbride and Dundee, Scotland (16 March), following by Birmingham Fort and High Wycombe (23 March), Huddersfield (5 April), and Croydon and Sutton Coldfield (6 April).

Each has been deemed “no longer commercially viable” by the retailer.

However, on the flip-side, it said there are plans to open a new store in Harrogate in the spring “to accommodate consumer demand [there]”. Also, a scheduled number of branches earmarked for renovation will go ahead in the coming year.

On the impending redundancies, Anna Blackburn, managing director of Beaverbrooks, told The Sun newspaper: “We aim to retain as many colleagues as possible within other Beaverbooks stores or the wider business, and are working closely with each individual affected to provide them with other options for their specific needs, supporting them with their next steps whatever they may be.”

However, there was no mention of whether the current crop of closures will be Beaverbrooks’ last.

According to its most recent financial report for the 53-week period ended 2 March 2024, profits had fallen “considerably” with the accompanying Companies House statement in September saying: “Despite increasing turnover and market share, profitability for the period was reduced considerably which reflects significant and broad increases in costs.”

It added: “We have also continued to invest in our core infrastructure (people, property, and systems) to protect and strengthen the business for future growth. As a result depreciation has also risen reflecting the high levels of investment in recent years.”