Timpson pre-pack deal saves 110 In-Time jobs
The Manchester-based Timpson Group has saved more than 100 jobs after acquiring national watch and jewellery repair business, In-Time, out of administration for an undisclosed sum.
Southport-based In-Time, which has been trading since 1981, was sold by Geoff Rowley and Tony Wright, of business advisory firm FRP, following their appointment as joint administrators on January 5. The business closed down just before Christmas.
They immediately secured a pre-pack sale of the company to The Timpson Group.
The In-Time business includes 38 locations around the UK. Many of these were kiosks in department stores, such as John Lewis, and Debenhams, which collapsed in December 2021.
Timpson has taken on 35 shops and will employ 110 former In-Time staff.
The administrators said declining sales, linked to unforeseen kiosk closures, as well as increased material and import costs, had impacted the business’s cashflow and its ability to trade.
Geoff Rowley said: “This deal represents a positive outcome for a long established retail business that has faced into a range of challenges linked to the pandemic and post-Brexit trading conditions.
“The quality of the brand and its customer base ensured that there was strong interest in the business from potential suitors, including a British institution in Timpson. It’s a pleasure to be able to secure the future of the business and its employees who will ensure continuity of service for its customers as part of Timpson.”
The administrators said Timpson will be working to ensure In-Time customers with personal items currently held in-store will be able to access them, with agreed services being honoured where possible.
James Timpson, chief executive of The Timpson Group, welcomed the new staff in a tweet, saying: “A big welcome to our new colleagues from In Time who joined the Timpson family yesterday. 35 shops across the UK focussed on watch and jewellery repairs, and 110 amazing people who I’m proud to now have as colleagues.”
A big welcome to our new colleagues from In Time who joined the Timpson Family yesterday. 35 shops across the UK focussed on Watch and Jewellery Repairs, and 110 amazing people who I’m proud to now have as colleagues. pic.twitter.com/DCacpNI5WT
— James Timpson (@JamesTCobbler) January 6, 2023
Meanwhile, In-Time posted on its website: “We are very excited to announce that In-Time Watch Services Limited is reopen for business from Thursday 4th January 2023. We look forward to seeing you and can’t wait to welcome back our exisiting and new customers.
“We would like to apologise to all of our customers who have been affected by the recent short notice closure of all In-Time stores and the ceased trading across our business.
“Please be assured that all repairs that have been left with us have been stored securely during this period.
“We are working tirelessly to reopen our stores and we will be contacting all of our customers as soon as we are able, to update them on the current status of their repair and the next steps. We thank you for your patience at this time.”
