Northern Ireland

Argento: Northern Ireland jeweller records £1.7m profits

Argento store
Image caption Argento is controlled by Pete Boyle from Strabane, County Tyrone

The Belfast-based jewellery retailer, Argento, increased its pre-tax profits by 60% to £1.7m in 2014.

The firm's annual accounts also show that turnover rose by just under 15% from £21m to £24m.

The company has 50 stores across the UK and Ireland, as well as a significant online business.

A note in the accounts said the improved performance came despite "difficult ongoing market conditions".

The note adds that a "concerted campaign" of discounting old stock reduced overall profit margins but that this was offset by a decrease in overhead costs.

The accounts show that the company spent £910,000 on property during the year.

This is likely to reflect the purchase of the building on Royal Avenue in Belfast that contains the firm's flagship store and headquarters.

Argento is controlled by Pete Boyle from Strabane, County Tyrone, who began the business from a stall on Royal Avenue in the 1990s.

The business, which specialises in modestly priced silver jewellery, has prospered through the recession.

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