Takeover of Fraser Hart sees Fields enter British market

FIELDS, the Dublin-based jewellers, is expanding into the British market with the takeover of the 31-store Fraser Hart Group.

The price paid by Fields was undisclosed, but is it likely to cost the Irish firm at least €60 million based on the profitability of the company. According to documents filed at Companies House in London, Fraser Hart made a profit of €7.5m in the year to end March 2007.

Fraser Hart has 31 stores across Britain and employs nearly 500 people. The company sells upmarket brands including Rolex, Cartier, Bulgari and Tag Heuer.

Noel Coyle, chief executive of Fields, said: “Both companies share significant operating synergies and market leading positions, with an ongoing commitment to delivering superior customer service.”

He said the combined businesses will now have 50 shops in Ireland and Britain employing 800 people and sales will be in the region of €120m.

The push into the British market will not see Fields give up on expansion in the Irish market.

A new store opened in the St Laurence Centre in Drogheda in June and two more are due to open in Kilkenny and Athlone.

Fields is owned by brothers Anthony and Nicholas Obernik. Kyran McLaughlin, the Elan and Davy Stockbrokers chairman, is also a shareholder.