Profits dip at family owned Timpson following takeover
Manchester based Timpson saw its profits fall last year as a result of the takeover of dry cleaning firms Johnsons and Jeeves.
The company, which has 1,906 branches across the UK, saw its profits fall from £20.2m to £12.6m.
But the chairman Sir John Timpson said that the addition of extra stores would boost sales over the coming year. He added that the number of branches would pass the 2,000 mark over the coming 12 months.
The Timpson chain is still family owned and is known for employing ex-offenders at its many branches.
It adopts an upside down management strategy aimed at handing over responsibility to its employees wherever possible.
The formula of providing services such as key-cutting, shoe repairs and more recently phone repairs has continued to be a success at a time when many high street retailers are struggling.
The business was founded in 1865 and last year recorded a turnover of £260m, up from £205m.
A £6.9 million dividend was paid out, compared to £12.1 million the previous year.
Sir John, who lives in Cheshire, said: “In our core Timpson branches the day is rapidly approaching when our annual watch repair turnover will overtake shoe repairs.
“But they still both lag well behind key cutting which, despite digital attempts to enter the security world, is still a growing part of our business.”
A planned expansion into China proved to be disappointing so the company is now concentrating on the UK.
The photo business includes Snappy Snaps, Max Spielmann and 281 self-service photo kiosks in Tesco.
