WATCHMASTER UK COLLAPSE - BQ Watches Saves The Day!

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WATCHMASTER UK COLLAPSE - BQ Watches Saves The Day!
When Berlin-based Watchmaster went bankrupt last year after a heist in which watches worth 10 million euros were stolen, the company's UK operation attempted to continue trading and, until this week, had around 1,400 watches for sale on its website, mostly consigned by British clients. Despite the obvious uncertainty that has hung over Watchmaster UK since the collapse of its German parent company last November, clients in the UK have been unable to return their watches due to a clause in their consignment contracts that states that they must first pay the profit margin that would have accrued had their watches sold at a minimum agreed price. Simultaneously, Watchmaster wished to continue trading in the assumption that doing so would provide the company the best opportunity of finding a buyer for the UK division. However, due to Watchmaster's lack of marketing funds, as well as a cooling market for pre-owned timepieces, these sales were unlikely. As a result, Watchmaster's fight for survival in the UK has come to an end, and the company is set to become insolvent next week. If Watchmaster UK went into administration, the watches on consignment would likely be tied up in legal purgatory for months. BQ timepieces, one of the UK's top pre-owned market watch experts, has won an 11th-hour arrangement to acquire part of Watchmaster's assets as well as the consignment contracts for each client, thereby giving the company authority over the 1,400 timepieces as well as some equipment. Spencer Dryer, owner of BQ Watches, tells WatchPro that: “BQ Watches aims to sort out the mess and rescued the watches for their owners”. Mr Dryer says every client will be contacted by both Watchmaster and BQ Watches with a notification about the arrangement and an offer will be made by BQ Watches to return the watches, without charge. “Or they can enter a new consignment agreement on a better basis than the contract they had previously with Watchmaster,” he promises. BQ Watches, which has been in the pre-owned watch business for more than 30 years, is one of the most active traders in luxury watches in the UK and is opening an 8,000 square foot lounge in Hertfordshire where customers can come to buy and sell watches or simply talk about their hobby with experts and other collectors. The location will also host regular collectors' events. “We want these clients of Watchmaster to know that we are here to help,” Mr Dryer says.
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“We sat on the side lines watching this play out within our watch community and realised we had the ability to step in and help. We do not own the watches we have taken over from Watchmaster, they belong with their rightful owners and we will return them at our own cost. Alternatively, we would be happy to help sell them throughout extensive operation online as one of the largest pre owned luxury watch specialist in the UK.” The deal appears to be a win-win situation. Previous Watchmaster UK customers now have certainty that their watches will be sold by BQ Watches on a new consignment contract, or if clients prefer to have their watches returned to them, BQ Watches will do so faster and for free than if administrators handled the process. Mr Rickard believes that the BQ Watches rescue is the greatest possible solution for the owners of consigned watches, and he thanks BQ Watches for their assistance. “As soon as we realised that there was no possibility of rescuing Watchmaster, we decided to work with Spencer at BQ Watches. He has taken on a very, very big undertaking and we are grateful to him for stepping in to support us in this way. I’m absolutely confident that it will work out well because BQ is very experienced. And I’m sure our customers will feel confident when they understand what BQ is offering - to continue to sell their watches or return them,” he concludes. What do you think about that?

[@THEUNSEENREPORT]

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[@stevenLL]

A great result for customers of Watchmaster. You would be wary do doing business nowadays say with a "Wizard" type character but would have felt safe with Watchmaster. Lux previously pointed out millions of pounds of consignment watches held by a different company Watchtraders of Newcastle being confiscated by the British FBI due to moneylaundering issues. Is any greymarket business 100% safe?

[@jonathonmanxrusby7762]

Spencer has worked very hard all his life to go from a jeweller/pawnbroker to what he and BQ are now - hard work SHOULD reward IMO.
Also understand he didn't start Best Quality Watches Ltd, he bought it after a pawnbroking career.
Therefore, IMO, BQ is now trying to go really big & with all the cost of their new facility, they are now and will be both in future be fully capable of absorbing this without problem.
The bigger issue which may surface is in 2 or 3 years time if/when Rolex DO increase production,
but, again just IMO, not an issue - since second hand dealer/s will still exist, but simply work off lower buy/sell market prices.

[@GonzoJamie]

Make hay while the sun shines…