Barfly: Thierry ticks all the boxes

THIERRY Stern, president of the leading luxury watch brand Patek Philippe, flew into Edinburgh last week to launch his latest collection at an exclusive dinner prepared by chef Roy Brett of Ondine, to which a select group of collectors and investors were invited. The following day Stern presented his new range at Hamilton & Inches' George Street store.

Two years ago Stern (right) succeeded his father and grandfather as president of the last remaining independent watchmaker based in Geneva, so at 40 he has inherited quite a legacy, standing at the helm of one the most exalted watch brands in the world, which can count Queen Victoria among its past customers. Patek Philippe watches can sell for up to 750,000.

"To find out what your customers really want you must travel and meet them in their own environment," Stern said. "It's the most important part of my job.

"I understand the needs of our clients because I have been trained in every aspect of the business, in different countries. I spent two years working at our New York distribution centre, for example. When I make a decision, I know what the impact will be for all of us and that's our key to success - we know what we're talking about."

Hotel parking is Rocco's forte

SPOTTED in Edinburgh's Balmoral Hotel, owner Rocco Forte (below), visiting to check on its refurbishment. Breaking off from lunch, he spoke of recently meeting First Minister Alex Salmond. "I'm not sure about his politics but he seems to be about the only politician in the UK with any stature," he said. He was pleased business was up more than 12 per cent and was crowing about his victory with the council to allow vehicles to park outside. However, Barfly was the bearer of bad news: the plan to tear up Princes Street. "I didn't know about that," he said.

Taxing times for restaurants

IN ADDITION to the trams chaos and tough economy, Edinburgh restaurateurs have another thing to worry about: the taxman.

Accountancy firm PKF has issued a warning to all Edinburgh restaurants that the taxman may be coming their way soon.

It says HMRC has promised "intensive bursts" of action to wheedle out undeclared revenue in the restaurant trade and having started the exercise in London, inspectors are about to begin their Scottish investigations in Edinburgh.

Neil Whyte of PKF said: "HMRC has long seen the restaurant industry as high risk in terms of tax evasion but has often tackled it in an ad-hoc way. In a bid to improve their targeting of the restaurant trade they have established specialist teams who know a great deal about the industry and know what to look for."