Tue, 31 Jul 2012 | BUSINESS SALE
Gold dealer Jewellery Quarter Bullion has appointed Grant Thornton to assist in exploring sale options, The Telegraph reported.
The firm is behind Bullion By Post, which is the largest internet dealer of gold and silver in the UK. A sale would enable the founder to continue his quest for international expansion and also to carry on meeting savers’ taste for buying physical gold and silver bars and coins in the UK.
Jewellery Quarter Bullion purchases bullion from traditional dealers and sends it on to retail investors the next day. In its first year Jewellery Quarter made £6 million in sales and pre-tax profits of £20,000. In the year ending April 2012 it reported sales of £55 million with a pre-tax profit of £1.5 million.
The business has thrived amidst growing demand from customers who are concerned about the safety of keeping their money in bank accounts - due to the economic downturn.
Founder Rob Halliday-Stein started the firm in January 2009 with £10,000, as a way of addressing a difficulty with buying physical gold after inheriting money after his mother’s death.
Increased funding would help the business to boost its expansion and bring in a larger management team, Mr Halliday-Stein told the Sunday Telegraph.
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