More than 100 jobs have been saved at In-Time Watch & Jewellery Repair as the business, which ceased trading ahead of Christmas last year, was bought out of administration by Timpsons Group as a pre-pack deal brokered by business recovery specialists FRP.
Geoff Rowley and Tony Wright of FRP were appointed as joint administrators for the In-Time business this morning, January 6, and immediately secured the sale of the company to national services retailer The Timpson Group, which has around 2,000 points of sale UK-wide.
In-Time provides jewellery and watch repair services from 38 locations across the UK from two dedicated shops as well as kiosks within a range of department stores including John Lewis.
At its peak in 2018, the business was generating sales of £8 million and £400,000 profits, but turnover declined to £3 million in its 2021/22 financial year, which led to a significant loss.
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. In-Time’s assets and its employee base, including senior leaders within the business, will now become part of Timpson.
Geoff Rowley of FRP says: “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.”