US billionaire takes stake in watch company

AN American billionaire has taken a minority stake in Henley luxury watchmaker Bremont.

Bill Ackman, a Wall Street hedge fund manager, has invested £48 million in the company alongside its long-standing investor Hellcat.

Bremont says the move will help it bring large-scale watchmaking back to the UK. Ackman, 56, said he had long admired the company and last summer sent a note to brothers Nick and Giles English, who founded Bremont in 2002.

The 56-year-old founder of Pershing Square Capital Management, which is based in New York, has ploughed his own private funds into the business.

Mr Ackman said: “The UK’s rich horological past laid the foundation for Nick and Giles to found and grow Bremont into one of the watch industry’s pre-eminent brands and engineering companies.

“I am thrilled to have the opportunity to become a shareholder at a fulcrum point in the company’s evolution and to see it take its rightful position as a global leader in watchmaking.”

Giles English said: “Nick and I are thrilled that Bill has moved from collector to investor. This new capital will enable us to invest in marketing, distribution and talent.

“This is not just a boost for Bremont but also for Britain. The British watch industry is the birthplace of some of the most important timekeeping innovations, including the perpetual calendar, and we are delighted to continue our country’s history of manufacturing and innovation through the global growth of Bremont.”

Bremont is now valued at more than £100million.

This deal comes 18 months after the company opened its 35,000 sq ft manufacturing and technology centre, The Wing, off Reading Road.

This, together with a series of new boutiques opening around the world, helped the business achieve record annual revenue growth of 28 per cent.