Boodles: Demand for the most expensive jewellery helps sales pass £100m

Demand for the most expensive luxury jewellery helped sales pass £100m at Boodles during its latest financial year.

The family-run company, which was founded in 1798, has posted a turnover of £106.3m for the 12 months to February 28, 2023, up from £94.3m.

Its pre-tax profits also increased from £18m to £19.5m over the same period.

Boodles has stores in London’s Bond Street, Harrods, Sloane Street, Royal Exchange and The Savoy as well as Leeds, Liverpool, Manchester, Chester and Dublin.

The company said its trading year had been “strong” and that, “pleasingly”, its jewellery sales increased both in volume and among the higher value items.

A statement signed off by the board said: “Following the return to normality post-Covid, expenses have increased substantially, largely due to the re-introduction of Boodles events and hospitality as well as a large contribution to the Boodles Charitable Foundation of £2.5m.

“Trading has continued into 2023/2024 at a similar level, indication that this strong set of results is not just due to a post-Covid boom.

“Boodles has never had a stronger liquidity position with in the region of £17m in the bank at the time of writing.”

In the UK, Boodles’ sales increased from £71.5m to £83.7m and from £16.5m to £17.1m in the rest of the world. However in the rest of Europe its turnover fell from £6.2m to £5.4m.

During the year the average number of people employed by Boodles increased from 104 to 126.

The company was founded as Boodle and Dunthorne and opened its first store in Liverpool in 1798.

In 1910 it amalgamated with the Wainwright family, owners of another Liverpool jewellers, who still run the business to this day.