Family-owned Scottish jeweller announces acquisition

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02/10/2017

Michael Laing OBE, owner of Laing The Jeweller Ltd and Parkhouse The Jeweller Ltd, has announced his retirement and the sale of the business to Laing Glasgow Holdings Ltd and Subs (Laings of Glasgow).

Laings of Glasgow is run by Joe and Wendy Walsh (nee Laing). Wendy is sixth generation Laing, Michael’s niece and daughter of Michael’s brother Stuart Laing, who is Chairman of Laings of Glasgow.

The acquisition reunites the original family business which was split between Michael and Stuart in 2005. Stuart retained ownership of the two existing shops in Glasgow and Michael took ownership of the Edinburgh store, as well as Parkhouse in Southampton and Cardiff.

A long history

J.R & W Laing was a family business established in 1840, originally as a manufacturing and wholesaling business. It soon started focusing on retail, and gained a reputation for quality service among the gentry of Victorian Glasgow.

Laings survived the Great Depression and two world wars in St Vincent Street before opening a new shop in Renfield Street in 1960. Under the ownership of Michael and Stuart, they opened a new outlet in Argyll Arcade in 1971 before opening stores in Edinburgh and Cardiff and buying a business in Southampton.

A bright future

The enlarged group will be one of the UK’s largest independent jewellery businesses; operating seven stores under the one ‘Laings brand’. There are three stores in the Argyll Arcade, Glasgow, two in Edinburgh, one in Cardiff and one in Southampton.

The new group will have 130 staff. Jonathan Payne (LEPH Managing Director) and Michael’s son, Richard, will remain with the business as Directors.

Building on an impressive heritage

Joe Walsh, Managing Director, Laings said: “We’re delighted to have this unique opportunity to ultimately bring the companies back together. Michael and his team have built a very successful business and it’s an honour to build on his legacy and help to take the family business to the next stage of its evolution.

We see ourselves as custodians of Laings and we’ll always stay true to the original philosophy of the founders, to provide the finest quality products and highest levels of service.”

Andrew Carson, Senior Director, Corporate and Structured Finance, Clydesdale Bank said: “Laings is a fantastic family business with ambitious management and owners, and a truly impressive heritage. It’s hugely rewarding to know that we can play a part in helping the two firms join forces once again, and build on the success of the last 175 years.”

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