The UK’s Company of Master Jewellers (CMJ) has issued its annual retrospective rebate, with a total of £500,000 paid out to its full retailer members.
As a co-operative, the CMJ pays a retrospective rebate to all full, share-holding members based on their turnover through the group. Last year, the CMJ achieved an impressive 82% growth on total turnover like-for-like, and perhaps more encouraging, 68% growth on 2020. As many as 58% of CMJ retailers increased their spend by a treble digit percentage year on year.
As a result of the group’s strong financial performance, the total retro payment was £150,000 higher than the amount that had been forecast.
Michael Aldridge, Chairman of the CMJ, said: “Our last financial year proved to be an outstanding bounce back from what was a very difficult year, so we were delighted to be able to award retailer members a total retrospective rebate of £500,000. The rebate is a key benefit for our members and one that is unique to us as a buying group in the UK and Ireland as retailers share in our financial success.
“Despite the strong financial performance of last year, we know that this year will most likely be more turbulent due to global influences, rising inflation and consumer spending pressures, which will no doubt have an effect on retailing in general. We will continue to work on behalf of the membership to support their businesses and I would like to thank all our members for their continued collaboration with the CMJ family.”
The CMJ was awarded Service Supplier of the Year at the UK Jewellery Awards 2021. It is the largest specialist jewellery and watch buying group in the UK and Ireland, with almost 150 retailer members. To find out more, visit www.masterjewellers.co.uk.