31/01/2017 - 15:34

Time ticks for Haigh & Hastings

31/01/2017 - 15:34

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Prestige Perth-founded wristwatch brand Haigh & Hastings is on the market, with company administrator Bob Jacobs moving quickly to sell the business as a going concern.

Mr Jacobs, from Auxilium Partners, was appointed to the brand’s owner Haigh & Hasting Pty Ltd last week after being brought in following a disagreement among shareholders about the business’s direction.

The business is tightly held among a handful of shareholders, including founder and sole director Simon Haigh from GCM Advisory.

UK-based shareholder Michael Bench was the only other director until he quit the role last month.

Mr Jacobs said he had at least two local interested parties for the business, which was very much an online operation.

“It has a good following,” he said.

“Simon is very clever, he was trying to build a brand.

“That is very difficult in the initial stages.”

Mr Jacobs said the main business model was an offshore just-in-time production process based on orders as they arrive from online consumers, although Haigh & Hastings had veered off that trajectory lately.

“They did make some on spec,” he said.

“Some of them, the quality was not that good.”

While that was not helpful to the brand, Mr Jacobs said he was dealing with returns from consumers he expected the manufacturer would make good on.

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