Valuable time: North East luxury watchmaker secures five-figure Start Up Loan
A Gateshead watchmaker is giving the world’s most luxurious timepieces a new lease of life, right here on our doorstep. All it took was a little hand from the Start Up Loans programme and Business Enterprise Fund (BEF) North East.
For Richard Rigg, watchmaking has always been a family business. He draws lifelong inspiration from his brother, who happens to be head watchmaker at a world-renowned watch brand.
While his brother splits time between London and Geneva, Richard’s career has stayed deeply rooted in the North East. Over the past 20 years, he’s been here working with the world’s most iconic watch brands. Rolex, Cartier, Breitling, TAG Heuer, OMEGA, Tissot, Longines, you name it.
And in early 2024, he founded Rigga Repairs Ltd to put that extensive expertise to the best possible use.
“When I started the business, I left it open to everything. I was free to work on any brand,” he explains. “For people who otherwise can’t afford to get their watch serviced. They’d just put it in a drawer or lock it in a safe. They’re not wearing it or enjoying it. That’s where I come in. Because I can do it on average for about half the cost of having it done at retail.
“The support in the North East is phenomenal for people starting their own business. But I was mainly relying on my network of watchmakers I’ve known since I was a child. Not much of the support I got was financial, until I met BEF.”
After 18 months, Richard realised he needed to invest in his business. The world of luxury watches is unpredictable. On any given morning, he might suddenly need to order a component worth hundreds of pounds. More working capital would ensure he could always do so whenever needed.
There were other moving parts Rigga Repairs Ltd needed too, like equipment, tools, and a new vehicle. A Start Up Loan secured with support from BEF let him work faster and more precisely than ever.
And just the same as Richard’s finished repairs, his loan application ran like clockwork.
“I didn’t realise how simple the process was going to be. And I was getting the kind of advice which I could have done with 18 months ago, like how to sharpen up my business plan. BEF asked all the right questions, they had that insight.
I found it quite seamless, and I recommend it to anyone who’s starting up their own business but hasn’t looked at finance. If I could do it all again, I’d go straight to BEF and get that support for my first 12 months.”
With business ticking over nicely, Richard can set his sights on the future. He’s already looking at expanding into new premises. The right location would let him design a world-class workshop. One built to same specifications used by Geneva’s master watchmakers, right here in the North East.
“Richard is running an incredibly intricate business,” said Shannon Donaghy, associate investment manager at BEF North East. “We were able to provide the working capital he needed to continue operating with absolute confidence.
“It has been highly rewarding to work with Rigga Repairs Ltd and secure this loan. Richard is one of the region’s true craftsmen. His expertise proves that the North East can compete with anywhere in the UK, provided the right opportunities are available.”
The British Business Bank’s Start Up Loans programme, delivered in the North East by BEF, enables North East based businesses to start up and thrive. Continued investment in businesses like Rigga Repairs Ltd means local business owners will always have the luxury of time.