Timpson in staff hotel deal
SHOE repair group Timpson has splashed out on a multi-million pound Welsh holiday retreat for its staff.
The Wythenshawe-based company has bought the Maelog Lake Hotel in Rhoscolyn, Wales with a £3.1m funding package from The Co-operative Bank.
Maelog Lake Hotel was acquired from Oldham-based pub chain brewer JW Lees and is the sixth staff holiday home alongside those in Turkey, Estopana on the Costa del Sol, Bournemouth, Ribby Hall and Snowdonia.
Timpson, which owns and operates the White Eagle pub in the area, plans to upgrade the reception, bar and restaurant areas of the hotel which will be open to the public, and also to create a number of apartments on the upper floor which will be available to staff.
The group is also upgrading its head office to include a specialist key lab, reception area and post room. The second phase of refurbishment will include a staff gym, spa, arcade and restaurant facility.
Formed in 1869, Timpson’s main activities include is shoe repair, key cutting and engraving. It employs more than 2,500 people.
Last year Timspon bought 44 dry cleaning concessions in branches of supermarket chain J Sainsbury and saved some 545 jobs by acquiring 187 Max Spielmann and Klick photo-processing shops.
Chairman John Timpson said: “We are very pleased the Co-operative Bank recognises the Timpson success story and are giving us some practical support in the next stage of our business development.”
Keith Alderson, director of corporate banking at The Co-operative Bank, added; “Timpson has weathered many an economic storm and come out on top. Its commitment to its staff, through the purchase of the hotel and the refurbishment of their head office is something The Co-operative Bank is very pleased to be involved with.”
