Manchester-headquartered historic family-owned business Timpson has rescued watch and jewellery repairer In-Time which collapsed in the days running up to Christmas.
Timpson has snapped up 35 shops and taken on 110 new employees. The value of the deal has not yet been confirmed but FRP have said no redundancies were made.
In-Time, which has its head office in Southport, has been trading since 1981 and had previously operated around 50 branches.
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Geoff Rowley and Tony Wright of specialist business advisory firm FRP were appointed as joint administrators for the business on Thursday, January 5. On their appointment they secured a pre-pack sale of the company to Timpson.
FRP said that "declining sales linked to unforeseen kiosk closures as well as increased material and import costs had impacted the business’ cashflow and its ability to trade".
Writing on Twitter, CEO James Timpson said: "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."
Timpson's brands also include Johnsons, Jeeves, The Watch Workshop, Max Spielmann and Snappy Snaps.
The family-run group was founded in 1865 and recently hit the headlines after buying a ski hotel in France.
Mr 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."
In a statement posted on its website, In-Time said: "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 existing 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. "
The In Time shops saved by the deal are:
- Aberdeen Union Square
- Basingstoke Festival Place
- Bournemouth Bobby's Department Store
- Bromley The Glades
- Cambridge Grafton Centre
- Cardiff St David's Dewi Sant
- Colchester Fenwicks Department Store
- Coventry West Orchards Centre
- Dundee Overgate Centre
- Derby Derbion
- Exeter Princesshay Shopping Centre
- Glasgow St Enoch Centre
- Guildford Friary Centre
- Hull Prospect Centre
- Inverness Tesco Inshes
- Kingston upon Thames John Lewis
- Liverpool John Lewis
- Milton Keynes Centre MK
- Manchester Arndale Centre
- Newcastle John Lewis
- Oxford Street John Lewis
- Poole Dolphin Centre
- Preston St. Georges Centre
- Reading John Lewis
- Romford The Liberty Centre
- Sheffield Crystal Peaks Shopping Centre
- Stirling The Thistles Shopping Centre
- Sunderland The Bridges Shopping Centre
- Taunton Hatchers Department Store
- Warrington Golden Square Shopping Centre
- White City John Lewis
- Wimbledon Elys Shopping Centre
- Windsor Daniel Department Store
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