The Royal jeweller Asprey and Garrard has sold Mappin and Webb, and Watches of Switzerland for around £40m.

The buyer is Judith Pilkington, the current managing director of Mappin and Webb.

Aspreys is owned by Prince Jefri Bolkiah, the younger brother of the Sultan of Brunei.

Prince Jefri Bolkiah, the younger brother of the Sultan of Brunei

He has been selling off bits of the company as sales have been hit by the Asian crisis and low oil prices.

Also, the Sultan of Brunei, once Asprey's best customer, reportedly no longer shops in its stores after falling out with his brother over his flamboyant lifestyle.

His boycott is thought to have led to a sharp fall in sales for the group.

It is believed that four of Asprey's customers, including two heads of state of oil producing countries, accounted for 80% of turnover.

Royal seal of approval

Mappin and Webb holds two Royal Warrants and is renowned as a high quality jeweller and silversmith.

It also owns a pawnbroking business. It has 14 stores in the UK, as well as stores in the Channel Islands, Prague, Dubai, and concessions with Mitsukoshi department stores in Japan.

Watches of Switzerland was bought for around £15m.

The chain was established in 1924 as a specialist retailer of Swiss watches in the UK. It has 18 stores, 12 of which are in London and include both the Rolex and Patek Philippe boutiques.

Mrs Pilkington has headed Mappin & Webb since 1995 after being recruited from Harrods.

The bid for Mappin & Webb, backed by finance group European Acquisition Capital, made up around £25m of the deal.

Asprey has already sold Scottish jeweller Hamilton and Inches and reportedly plans to sell a further four jewellery shops in Switzerland to management.