The acquisition of Laing the Jeweller by its sister company is a deal that makes a lot of sense.

For a start the two were actually one for 166 years before brothers Stuart and Michael Laing divided the assets of the family business to avoid succession issues.

The subsequent decade was kind to both, with the businesses growing under their independence. Then, following Stuart’s retirement in 2010, daughter Wendy and her husband Joe took over and soon identified acquisition as key to their growth plans.

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Buying Michael’s half of the business has reunited a venerable Scottish institution, now based from its flagship store in the Argyll Arcade.

Where it goes next in this rapidly changing retail environment will require careful thinking from its new leadership team.

The luxury goods market has not been dented by grinding austerity and chief executive Joe Walsh and managing director Johnathan Payne were hugely upbeat about the company’s prospects as they completed the integration process.

But even in the short 11 year spell since the businesses separated, how retail works has changed immeasurably. Ecommerce provides fresh competition and internet searches mean, as Mr Walsh acknowledged, customers visiting his stores already know exactly what they want.

That doesn’t make the experience of a visit any less special, and that is where Laings excels, so as the management team familiarise themselves with the scale of an enlarged business, it is the firm’s heritage that can be the catalyst for its growth.