Gilt Glasses, the UK company that has owned and operated a jewellery shop for decades, has announced plans to sell its stake in the LG G-2 to a private equity group.
The move comes just weeks after LG announced plans for its own wearable smartwatch, the G2, that will be available in the UK, but its plans to diversify away from the jewellery business have been met with resistance from some in the jewellers community.
“Gilt Glass is looking to sell some of its jewellery interests to private equity investors,” said one insider who spoke to IGN.
“The jewellery group has been doing well, but it has also been struggling financially.
They have had to raise capital from a few investors, but they’re still a small company, so it’s not easy to raise a big round from investors.”
A statement issued by Gilt confirmed the plan and said the jeweller’s “gifts to the UK economy” will be used to “reduce costs and increase profits”.
The group’s chief executive, Paul Laidlaw, said the company “looks forward to the new investors coming in to support the G-1 business”.
Gilt, which has been operating a shop in the south of England for more than 70 years, said it was “looking to expand into the UK market” and is currently in discussions with some private equity companies to sell the jewelled business.
It’s not the first time Gilt has been linked to a deal.
In 2014, the company bought the business of London-based jeweller and jeweler Jules and Caroline Dior, who owned the jewelling shop in Brixton and were part of a consortium which owned the chain of shops.