A luxury watch brand, which exports timepieces to over 40 countries and has grown sales to more than £1million has opened a new shop in the heart of Belfast thanks to a loan from the Investment Fund for Northern Ireland.
Nomadic Watches opened its new retail premises at Imperial House, Donegal Square East on Monday June 30, after Whiterock facilitated a £500,000 loan which will also enable the business to invest in product development and additional stock.
It has been a meteoric rise for Nomadic Watches since Peter McAuley started the business in 2021. Since inception, the company has experienced exponential growth, increasing sales 372% in 2023 to £447k, then a further 134% in 2024 to reach £1.02m.
More than just a luxury timepiece, Nomadic Watches leans heavily on the company’s roots in Belfast with design nods to the city’s history incorporated in a number of their models.
Nomadic Watches founder, Peter McAuley said: “With design elements such as a yellow hand signifying the cranes at Harland & Wolf or a propeller design nodding to our shipbuilding heritage, our watches are not just luxury timepieces, they also tell the story of Belfast.
“We are delighted to secure the loan from the Investment Fund for Northern Ireland. Working with Whiterock has been really refreshing, as they always wanted to find ways to help us. We found their approach different to working with traditional high street banks.
“The loan has helped us expand into our new premises right in the centre of Belfast. As a company we want to be engrained in the fabric of the city so having a new outlet right beside City Hall is the perfect location for Nomadic Watches.
“We have lots of exciting plans for the shop. It won’t just be a place to come and buy a watch, but instead we want to make it an immersive experience or ‘retailtainment’ where you can see your watch being made in front of your eyes.”
Whiterock Finance Director, Jenna Mairs said Nomadic Watches continues to make significant strides in the luxury watch market, with strong momentum expected to continue to fuel growth.
“She said: “Nomadic has established a strong niche in the luxury watch sector and developed an impressive loyalty in its customer base. In fact, around 25% of Nomadic customers go on to make a second purchase within three months, which speaks volumes about the quality and appeal of the product.
“At Whiterock we recognised the company’s potential and saw how the Investment Fund for Northern Ireland could help support the ongoing growth journey. We were delighted to play a role by providing funding for Nomadic and we look forward to seeing what is next for this dynamic and ambitious watchmaker.”
British Business Bank Director, Nations and Regions Investment Funds, Mark Sterritt said: “Already shipping to more than 40 countries with sales of more than £1million, it has been a whirlwind start for Nomadic Watches.
“The product is resonating with customers all over the world and with the introduction of a new offering of creating custom watches for businesses and organisations, it is clear the Nomadic team has ambitious plans for the future.
“I’m delighted the Investment Fund for Northern Ireland has been able to support the firm’s growth plans – helping innovative and ambitious companies like this is exactly what the
fund was designed for.
“And I’m pleased that following the government’s modern industrial strategy announcement, last week, the British Business Bank has committed £2.6bn of capital to help drive the growth of smaller UK firms, meaning we can help even more businesses like Nomadic Watches.”
The £70million Investment Fund for Northern Ireland offers a range of commercial finance options including debt finance and equity investment to support businesses from all sectors in Northern Ireland and at different growth stages.
Whiterock manages the debt fund, offering loans of £25,000 up to £2million while Clarendon Fund Managers provide equity stakes in smaller businesses up to £5million.
To find out more about the Investment Fund for Northern Ireland visit http://www.investmentfundnorthernireland.co.uk