Scottish Watches Podcast #694: Why I Left The Watch Industry

Date: July 24, 2025
Host: Ricky (A)
Guest: Jonathan (B), former owner of Edinburgh Watch Company

Overview

In this heartfelt and candid episode, Ricky welcomes back Jonathan, formerly of the Edinburgh Watch Company, for an in-depth conversation about Jonathan’s decision to retire from the watch industry after a decade of running his own business. The discussion weaves through topics like career transitions, the changing watch and car markets, memorable experiences in business, and Jonathan’s lifelong passions for both watches and motorsport. Listeners are treated to insights into the realities of running a luxury watch business, challenges and risks, as well as some rich anecdotes from Jonathan's personal and professional journey.

Key Discussion Points & Insights

1. Wrist Check & Watch Appreciation (00:51–11:05)

• Jonathan’s Wrist: Sea-Dweller SD4000 (ref. 116600), normally wears his cherished Daytona 116500 white dial.

  • “After 10 years, that's a retirement gift yourself. And I bought it and I put that on my wrist that day and it's not been off until yesterday and it's just the most beautiful watch and I feel very, very lucky to have it.” (Jonathan, 01:58)
  • Explains the appeal and robustness of the Sea-Dweller, connection to his youth and dreams of owning a Rolex.
  • Talks about never taking off his watches—except to wash his car.
  • Notes the comfort and practicality of contemporary Rolex design, especially comparing the Daytona and Sea-Dweller.

• Ricky’s Wrist: Czapek Antarctique Passage de Drake

  • Shares the story of acquiring his Czapek in Geneva—drawn to its symmetry and finishing.
  • “This is one of the most symmetrical watches I've got...the back is just as beautiful as the front.” (Ricky, 09:06)

• Jonathan’s Impression of the Czapek: Praises its design, weight, bracelet architecture, and movement finishing.

  • “When you presented it to me today, the weight just felt perfect...it really is really quite magical and I think it's a little bit different and I think it's a great choice and I really admire that.” (Jonathan, 10:04)

2. Retirement and Leaving the Watch Industry (11:05–18:33)

• Why Retire?

  • Approaching age 60 spurred reflection on life priorities—health, happiness, quality of life.
  • “You can't go. It's like the Mafia. Once you're in watches, you're in for life.” (Ricky, 00:05)
  • Practical considerations: Did not have a traditional shop or staff; business was customer-focused and physically demanding.
  • Consulted financial advisors, found he could retire.

• Choosing to Close Rather Than Sell the Business

  • Concerned about brand integrity and customer care.
  • “Am I chasing the last penny here?...what if they upset my customers and they ruined my brand I’ve built up? So I just thought, no, I’m not going to do that.” (Jonathan, 12:56)
  • Sold his entire stock to a trusted contact (Spencer at BQ Watches) for a straightforward exit and to ensure clients were in safe hands.

• Business Philosophy

  • Highlights the three pillars: Watches, People, and Money.
    • “There was watches, people, and money. And...watches, they were what brought the customers to me. And that bit in the middle was about customers and building new relationships.” (Jonathan, 15:15)
  • Stresses trust, personal curation, and the importance of building customer relationships.

3. Jonathan’s Early Career: From Cars to Watches (18:33–22:14)

• Initial aspiration: farming (!), quickly shifted to the luxury motor trade.
• Worked from "gopher" at an Audi Quattro dealer, through Volvo, Aston Martin, Bentley, and Saab, before banking and ultimately the watch trade.
• Noted similarities between luxury car and watch sales: both are about genuine customer service, relationship-building, and preparation.
  • “What does a customer want at the end of the day?...just be nice, be honest, be genuine, be interested in your customers, be fair, prepare your product properly.” (Jonathan, 20:07)

4. Founding Edinburgh Watch Company & Evolution of the Industry (22:14–27:33)

• Founded EWC in 2014 after redundancy from banking, encouraged by friends and his network.
• Began during the “grey market” era; bought watches from Italy and elsewhere for resale in the UK.
• Adapted his business model to market shifts, always diversifying stock beyond Rolex.
• COVID-19 pandemic: benefited from not having a shop or staff, saw business grow as people diverted spending from travel and cars to watches.
• Market tougher after pandemic—higher costs, reduced demand, need for continued agility.
  • “It’s a tough industry now. ...£10,000 is still an awful lot of money. Crikey, £5,000 is.” (Jonathan, 26:44)

5. The Evolving Car Market and Parallels with Watches (27:33–29:47)

• Discusses how exclusivity and value perceptions have shifted.
  • “Certain cars were 100, 150,000 pounds over list...Now on the pre-owned market, they're sitting 10 grand, 20 grand over and they're not flying away.” (Ricky, 27:55)
• High interest rates and tighter lending reduce demand; counterbalancing effect is newfound affordability and greater stock availability.
• The core appeal of watches and cars—emotional connection—endures despite market changes.

6. Jonathan’s Motorsport Adventures (31:28–36:48)

• Motorsport passion inherited from his father (racing, Ford Fiesta Challenge).
• Life-changing accident in 1997 left him paralyzed from the waist down, but continues driving, skiing, and playing tennis.
  • “I put myself in a wheelchair...But very luckily...the upper body...is working quite well and it still allows me to drive and I, I ski and I play tennis as well.” (Jonathan, 31:54)
• Motorsport as community and therapy—sponsors and competes at home and abroad (Nurburgring, Scotland).
• Enjoyment of accessible performance cars (Hyundai i30N), new Golf Clubsport project.
  • “It's going to be a wolf in sheep's clothing. And I'm really looking forward to taking that one out.” (Jonathan, 35:44)

7. Reflections on Community, Risk & Memorable Incidents (36:48–42:25)

• Reminisces about meeting Ricky at Porsche events, early collaborative episodes, early days of recording.
• Success and joy from watch events—especially the Royal Highland Show.
• Risk of theft and business hazards: anecdote about catching a thief with help from bystanders; underscores inherent business risks especially as a watch dealer.
  • “He took off after him and he did this most wonderful rugby tackle...My chum came up and got the watches from him...we literally got him red handed.” (Jonathan, 39:06)
• Court system frustrations, importance of vigilance, and highlighting security for watch dealers and collectors.

8. Gratitude and the Next Chapter (43:06–end)

• Jonathan reflects gratefully on his watch career and customer relationships.
  • “I'd probably like to just take this opportunity to look back over 10 years and thank my customers who've many of them become friends, for trusting me… You've really given a very important part of my life.” (Jonathan, 43:09)
• Emphasizes ongoing involvement in the community as a hobbyist, not a retailer.
• Ricky shares that Jonathan’s collection includes affordable, independent brands like Studio Underdog—showing his genuine enthusiast’s heart.

Memorable Quotes

• “You can’t go. It’s like the Mafia. Once you’re into watches, you’re in for life.”
  Ricky, 00:05

• “After 10 years, that's a retirement gift to yourself. And I bought it and I put that on my wrist that day and it's not been off until yesterday and it's just the most beautiful watch and I feel very, very lucky to have it.”
  Jonathan, 01:58

• “I look at life a little bit like a book, chapters in a book.”
  Jonathan, 13:42

• “What does a customer want at the end of the day?...just be nice, be honest, be genuine, be interested in your customers, be fair, prepare your product properly.”
  Jonathan, 20:07

• “He took off after him and he did this most wonderful rugby tackle, brought the guy to the ground, people surrounding him...we literally got him red handed. So I got my watches back...”
  Jonathan, 39:06

• “The watch community are a lovely bunch of people and I've really, really enjoyed it and I very much want to stay a part of it. I'll still come to shows, et cetera, and we'll see what the future looks like.”
  Jonathan, 43:09

Notable Moments & Timestamps

• [01:58] – Jonathan on his “retirement gift” Daytona.
• [04:48] – Discussion: Do you sleep with your watch on?
• [09:06] – Ricky tells the story of acquiring his Czapek.
• [11:32] – Jonathan details the step-by-step thought process behind retirement.
• [13:42] – Life as chapters in a book.
• [20:07] – The similarities between luxury car and watch retail.
• [26:44] – The new reality for luxury purchases.
• [31:54] – Motorsports and overcoming disability.
• [39:06] – Dramatic story of thwarting a watch theft at a public show.
• [43:09] – Jonathan’s thank-you to his community and statement on staying involved.

Tone and Delivery

The episode is warm, reflective, sincere, and filled with the camaraderie of two long-standing friends in the industry. Jonathan speaks with humility and a storyteller’s flair. Ricky brings humor, context, and the kind of friendly ribbing and heartfelt admiration listeners cherish from Scottish Watches.

Final Thoughts

This episode offers candid insights into both the rewards and risks of the luxury watch trade, lessons on thoughtful career transitions, and plenty of stories for enthusiasts of both timepieces and motorsport. Jonathan’s passion for people and the finer things in life—along with his gratitude and realism—leave a lasting impression.

For more on Jonathan’s adventures, check the show notes for photos and links to the watches discussed, as well as some bonus automotive content!