Bath watch dealer made £186k profit, then a raffle venture and a stock seizure sank it

Watches Of Bath (Retail) Ltd was an independent Bath dealer in pre-owned luxury watches — Rolex, Patek Philippe, Omega, Breitling, Tag Heuer and Tudor, later designer handbags — run by sole director James Edward Mercer, a former accountant, from a by-appointment showroom at 27 Gay Street. The business started on eBay and grew steadily: operating profit of £186,503 in FY2023 and £119,502 in the year to June 2024.

In December 2023 the company set up an associated entity, WOB Competitions Ltd, to raffle watches and handbags at sports events. The venture failed, losing about £564,876, and the company had guaranteed most of its contracts, becoming liable for them. Sports sponsorship deals with clubs and players also under-delivered, and WOB Competitions stopped trading in February 2025.

While the showroom was being redecorated, the company placed its stock with another jeweller in Birmingham. That jeweller came under an HMRC investigation and the watches were seized — 22 of them, mostly Rolex, valued at £303,500 — leaving the company with little to sell. From summer 2025, unpaid invoices from associated companies and a delayed VAT repayment worsened the cash shortfall.

On 6 October 2025 Saracens Limited petitioned for the company's compulsory winding-up over an unpaid debt of £83,261.97. A court-ordered administration followed on 5 December 2025. The statement of affairs showed assets of £2.79 million against unsecured liabilities of £5.42 million — a deficiency of £2.63 million, including a director's loan of £3.86 million. No buyer was found and no payment is expected to any class of creditor.