Financial Adviser to the purchaser:

 Legal Adviser to the purchaser:

Cheshire-based jewellers Cottrills have acquired the flagship Bolton branch of the Preston & Duckworth chain of jewellers.  The Bolton outlet was for many years known as “Prestons of Bolton – the Diamond Centre of the North” a familiar high street name, however, Preston & Duckworth changed the name of the Bolton store in 2002.

For Cottrills, the Bolton retail venture will be their first outside of Cheshire.  It currently has outlets in Macclesfield and Bramhall and recently opened a new Wilmslow shop in October.  Following a refurbishment of the premises at Bolton, they intend to re-establish the Prestons of Bolton brand in early 2006. Following the acquisition, which was funded by Natwest Commercial, Cottrills will have a workforce of around 110 and it expects to increase its annual turnover to over £20 million.

Karl Massey, Cottrills Managing Director, commented:
“This acquisition represents an exciting time for the development of the Cottrills business.  We are delighted to be restoring the Prestons of Bolton brand, putting the Diamond Centre of the North back on the map”

Jackson Stephen LLP performed the financial due diligence service on the acquisition.  The team, led by Diane Brennan also advised Cottrills on the commercial aspects of the deal. 

Commenting on the transaction, Diane said:
“This transaction will allow Karl Massey, Managing Director, to truly exploit his expertise and capabilities in re energising an old brand.”

Diane continues “Cottrills has a very exciting and proven business model and we look forward to working with Karl and the team to continued success.”