Boodles is a yardstick against which all family-owned prestige jewellers measure their business in the UK.
The business sells only one watch brand, Patek Philippe, along with its own fine jewellery collections and diamond bridal ranges from ten locations across the United Kingdom and Ireland.
Patek Philippe has been pruning the number of stores that are authorised to sell its watches since the end of the pandemic from around 40 to 25.
Two Boodles boutiques lost Patek Philippe in the consolidation, with four remaining, but sales for the watchmaker still account for 30% of the company’s revenue, a statement filed with Companies House reports.
Sales for Boodles (official trading name Boodle & Dunthorne Ltd) for the year to the end of February 2022 reached a record £94.4 million, 91% up on the pandemic-affected 2020-21 financial year and 28% higher than the last full year before the first lock down in 2020.
Operating profit of £18.1 million was comfortably the company’s strongest annual result, up from £5.4 million the prior year.
Boodles’ previously most profitable year was 2016-17, when the business recorded gross earnings of £11.3 million.
Boodles was founded in 1798 and is currently owned and run by chairman Nicholas and managing director Michael, the fifth generation of the Wainwright family.
Cousins Jody Wainwright, James Amos and Honour Wainwright are also on the board of directors, ensuring a smooth transition to a sixth generation for the family jeweller.
Laura Nancy Amos and Kirstie Wainwright were formerly appointed to the board on March 1 this year.