Kuits advises Accurist on sale of its business to Time Products14 Apr 2014
Kuits Solicitors, the leading commercial law firm based in Manchester, has advised Accurist Watches Ltd on the sale of its business to Time Products (UK) Ltd.
Since its establishment in 1946 in London’s Clerkenwell district by Asher and Rebecca Loftus, the Accurist name has been synonymous with quality, value and true British design.
The Time Products Group houses some of the world’s leading watch brands, including Sekonda and Limit, as well as luxury brands such as Girard Perregaux, Piaget and Hublot.
Chairman of Time Products, Marcus Margulies, said of the transaction: “The Margulies and Loftus families have known each other for over fifty years and recognise the benefits that will stem from the merger of these two very famous brands.
“[Accurist chairman] Andrew Loftus and [UK managing director for Time Products] David Merriman will be working together to ensure that a very smooth transition will take place. It is the wish of both companies to build on the reputation that the two brands have had over very many years, based on customer service, value and quality.”
Kuits’ experienced Corporate and Commercial team acted for Accurist in the most recent of a series of transactions completed by the firm within the retail space.
Partner in Kuits’ Corporate and Commercial team Kirsti Pinnell, who led the team advising on the transaction, commented: “We are delighted to have advised Accurist on the sale of its excellent business to Time Products. For over 70 years, Accurist has played a pivotal role in the UK watch industry, and we are excited to see how its business will continue to develop and grow under the management of Time Products.”
“Any retail business planning to undertake a transaction of this kind should ensure they engage sound legal advice early on in the decision making process in order to secure a smooth transition.”
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