Byline: Jane Bradley Business Reporter
THE brothers behind Scottish jewellery firm Laing the Jeweller, have split control of the business - and reaped the benefits.
The Edinburgh half of the business owned by the Laing brothers, Stuart and Michael, saw profits more than double since the pair divided the operation between themselves, helped by increased sales of high-end jewellery, such as diamonds and upmarket Rolex watches.
Laing the Jeweller's latest set of annual accounts, to February 28, show that the pair have geographically separated the business - Fake IWC Watches with Michael taking on control of Laing's city centre store in Edinburgh, as well as two shops south of the Border, while Stuart took over the stores the company has in Glasgow's Argyle Arcade.
The Glasgow shops now operate under the name Laing the Jeweller (Glasgow).
The decision to split the operation was made in a bid to avoid succession problems when they pass the business on to the next generation.
Michael's arm of the business, Laing the Jeweller, has seen profits soar to GBP 104,000 on sales of GBP 6.5 million.
In the year before the division, Laing the Jeweller saw profits of GBP 43,000 on sales of GBP 9.1m.
Replica ugg boots Laing the Jeweller (Glasgow) was not available for comment on that half of the business' performance.
Michael Laing said he and his brother had wanted to avoid having their equal share in the company being divided into large numbers of smaller holdings when ownership was passed on. He said: "We were getting to the stage in life where we were looking forward and were thinking it would be cleaner and better if we could both own 100 per cent of our own business."
However, he ruled out any suggestion of a disagreement between the pair, noting: "My brother and I are great pals."
Mr Laing added that his business has thrived, boosted by strong growth in upmarket jewellery products, such as Rolex watches.
He added that more people over 50 seemed to be investing in diamonds to pass on to the younger generation.
In addition to the Edinburgh store, Mr Laing also runs two stores in England under the Parkhouse & Wyatt the Jeweller brand - in Cardiff and Southampton.
Laing the Jeweller was founded in 1840 by James Laing - an ancestor of Stuart and Michael - whose own son became watchmaker to the admiralty.
It has its own diamond-buying operation in Antwerp, Belgium, and creates jewellery in its own workshops. The company has attracted stars from around the world, including Real Madrid star and former England captain David Beckham who, six years ago, bought a GBP 40,000 millennium cross by top London-based designer Theo Fennell, which at Replica Hermes Handbags the time was stocked in Laing's Frederick Street store.
Michael Laing, who was awarded the OBE in 2002 for services to hallmarking, is also the Deacon of the Incorporation of Goldsmiths in Edinburgh.
Born and raised in Troon, he was educated at Marr College and trained in art and design in London before joining the business in his late teens.
