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Aurum Group has acquired The Watch Lab, the Preston-based watch repair firm with 16 branches across the country.

Aurum, the Leicester-based owner of the Goldsmiths and Mappin & Webb jewellery chains, is to be acquired by US private equity firm Apollo for £175m.

Aurum is considering plans to develop a chain of up to 50 Goldsmiths Boutique jewellery shops over the next five years, depending on the success of a trial at Westfield Stratford City.

Aurum is planning to open eight Goldsmiths Boutique jewellery outlets this year.