As the old business adage goes, “shirtsleeves to shirtsleeves in three generations.” The first generation builds it, the second maintains it, and the third destroys it. But not in the case of Beaverbrooks.
Under the stewardship of third-generation chairman Mark Adlestone, the family-run jewellery business has defied the proverb — and then some. From its humble beginnings in 1919 as a single store in Belfast, Beaverbrooks has grown into a nationwide name, with 83 stores across the UK, over £220 million in annual turnover, and a reputation as one of the country’s best places to work.
For Mark though, who in 1979 joined the company founded in 1919 by his grandfather and great-uncles, success isn’t just about the bottom line. It’s about building a business that gives back and bridges communities.
“Profit is crucial,” he says, “but purpose is everything.”
Talking to me from his home in Hale, south Manchester, Mark explains: “Our purpose is summed up in two words: enriching lives. That’s enriching the lives of our customers, colleagues, suppliers and, through our charitable giving, the wider community.”
Each year, Beaverbrooks donates 20 per cent of its retained profits to charity through the Beaverbrooks Charitable Trust. Last year, the company gave £1.65 million — a figure Mark admits they “subsidised” to maintain despite lower profits. The Trust splits its donations between Jewish/Israeli charities and broader secular organisations. Beaverbrooks also provides additional support via emergency appeals and match funding when colleagues are passionate about a cause.
Mark’s sense of responsibility is rooted in Jewish values. “On Yom Kippur, when we reflect on our fates, I think about negotiating from a position of strength,” he shares. “We’re told to be fair, not take advantage.” He adds: “We want our suppliers to thrive. It’s a symbiotic relationship. Fairness is core.”
This ethos extends throughout the company, which employs 1,150 people. Beaverbrooks encourages staff at every level to give back — offering each store a donation budget, time off for volunteering, and matching contributions through a workplace giving scheme that sees 47 percent participation — nearly eight times the national average.
“I’m very proud of that,” says Mark. “It shows how much people buy into our philanthropic philosophy.”
Through this, Beaverbrooks supports a wide range of local charities, empowering colleagues to make a difference in their communities. Colleagues are often encouraged to share stories of their impact, creating a culture of collective pride and mutual motivation that ripples across the business.
Since 2004, Beaverbrooks has consistently ranked among the UK’s Best Companies to Work For, including being named second-best workplace. “It was the first time we’d entered and it changed how people saw us,” Mark says. Beaverbrooks has come first twice (2021, 2009) and Mark has won the Best Leadership Award eight times.
Other highlights include being presented with an OBE for Services to Business and Charity in the North of England in 2015 by the late Queen Elizabeth II. Last year, he received a Lifetime Recognition Award from Best Companies for workplace commitment over 46 years.
The Beaverbrooks store in the Trafford Centre, Manchester
And in May, Mark — chair of the Jewish Representative Council of Greater Manchester & Region (JRC) since 2021 — received a lifetime achievement award from the JRC, presented by Greater Manchester Mayor Andy Burnham.
“Can you combine purpose and profit?” he reflects. “For us, they’re intertwined. Without profit, we can’t give. Without purpose, there’s no reason to exist.”
At 66, Mark devotes 60 percent of his time to Beaverbrooks, and 40 percent to charity and civic work.
Mark as High Sheriff of Greater Manchester
His civic involvement is extensive: Deputy Lieutenant, High Sheriff of Greater Manchester, and supporter of Mustard Tree, which combats poverty and homelessness.
Within the Jewish community, Mark chaired The Fed from 2009 to 2018, oversaw its merger with Heathlands Village, and chairs the Jewish Strategic Group. He’s the only non-London-based trustee of the Jewish Leadership Council.
As JRC chair, he champions cross-community bridge-building. “We have a duty beyond our own community. As Jews, the optics matter.”
He’s fostered relationships with political leaders, civic authorities and faith communities, including the Muslim community. “It’s been tough,” he admits, post-October 7. “Some brave, progressive Muslims are working with us to develop a joint statement — to sit down, hear each other’s pain, and learn to disagree respectfully.”
He’s also prioritised engagement with the Charedi sector, which comprises 40 per cent of Manchester’s Jewish population. “To be representative, we must engage with the Charedi community,” he says. “My eyes have been opened to the amazing things they do.”
The JRC’s management board now includes three Charedi representatives, a model Mark thinks London could learn from. “They often get a bad rap, but they’re wonderful people. We can learn so much from each other.”
Mark also supports bridging gaps between Charedi and mainstream communities and applauds collaborations between Liberal and Reform Judaism.
Back to business.
The company opened its first store, Adlestones, in Belfast in 1919, with a Manchester shop called F Hughes following in 1924. In 1935, the name Beaverbrooks was chosen for its British appeal. “Ironically, Lord Beaverbrook was Canadian,” Mark laughs. They were sued for the name but successfully defended a legal suit.
He acknowledges the luxury Beaverbrook hotel in Surrey now shares the name. “We pinched it in 1935, so we can’t complain that they use the same name and a similar font!”
The business now includes 57 Beaverbrooks stores, 23 monobrands (Tag Heuer, Omega, Breitling, Tudor, Longines) and three Loupe boutiques selling Rolex and luxury jewellery.
So, what’s the secret to thriving into a fourth generation — with two of Mark’s daughters already involved?
“Staying focused, aligned, and in control,” he says. Family businesses can become fragmented. The Adlestones have bought out shareholders to keep objectives aligned. Today, 80 per cent is owned by the family, 20 per cent by the Charitable Trust.
Mark credits past partners too — especially the late Andrew Brown, who was instrumental in the company’s growth. “We’ve had excellent shareholder relationships. Andrew was key.”
Retail isn’t without challenges. Revenue dropped to £221 million from £230 million. “Last year was tough. Premium Swiss watch demand spiked post-Covid but slowed. The economy’s weak.” Still, they’re targeting five per cent growth. They’ve also diversified their online offering and are investing in customer experience, both in-store and digitally.
A member of Hale & District Hebrew Congregation, Mark says he’s “one of those Jews who goes to shul in the morning and football in the afternoon.”
A Blackpool FC fan, he enjoys most sports including rugby, cricket, tennis, and plays padel and racquetball. He keeps a strict routine — bed by midnight, up at 6am, managing his own diary.
Mark Adlestone, his wife Gabrielle and their three daughters at his investiture in 2015
Mark is married to Gabrielle. They have three daughters: Chloe (a diamond and wedding ring buyer for Beaverbrooks), Tara (who runs the marketing and B2C business for Mintini, part of the Beaverbrooks group), and Libby (who works in PR and events), and four grandchildren.
As for the future, Mark has no plans to slow down. “I still want to be relevant at 100 years old – may it be God’s will.”
With his passion for Beaverbrooks, dedication to the community, and the next generation of the Adlestone family already involved in the business, the legacy of this fourth-generation family firm looks set to continue – built on the values that have guided it for over a century. And with the foundations as strong as ever, who’s to say how many more generations will follow?
