Type Private Ltd Founder William Timpson Revenue 169 million GBP | Industry Service industry CEO James Timpson (1998–) Founded 1865 Parent organization Timpson Group PLC | |
Key people John TimpsonJames Timpson Areas served United Kingdom, Republic of Ireland | ||
Timpson is a British multinational retailer specialising in shoe repairs, key cutting and engraving, as well as dry cleaning & photo processing. The company also offers mobile phone repairs, jewellery and watch repair, custom-made house signs. It is based in Wythenshawe, Manchester, and currently has over 1325 outlets in the United Kingdom and Ireland. In January 2014, Timpson purchased the photographic services franchise, Snappy Snaps, increasing its store count by 118.
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History
Timpson was founded in 1865 by shoemaker William Timpson and his brother in law Walter Joyce, selling shoes at 298 Oldham Road, Manchester. It expanded into shoe manufacturing in 1884 at factories in Kettering, and repairs in 1903. The company listed on the London Stock Exchange in 1929. In the 1950s, turnover was around £10m and profits £900,000. The company moved its headquarters to Wythenshawe in 1964.
In the early 1960s, family member and Nottingham University graduate John Timpson returned from his post-graduate management training scheme with C. & J. Clark in Street, Somerset to join the family-owned business, becoming director responsible for buying in 1970. In 1973, after John's father Anthony was ousted as chairman by his uncle Geoffrey, the company was acquired for £28.6m by United Drapery Stores. John stayed with the firm, became managing director of leather and fur retailers Swears & Wells, then in 1975 appointed managing director of the former family business, William Timpson Ltd.
In 1983, John led a £42M management buyout of William Timpson from then owners Hanson Trust plc. To raise funds, £30M came from selling the freeholds of the firm's stores and leasing them back, the rest via debt financing from venture capitalists. After four years of poor trading, to reduce debt on the balance sheet, the company sold the loss-making shoe retail business for £15M to rival George Oliver, and focused on building the shoe repairing and key cutting business.
After diversifying into engraving, watch repairs, dry cleaning and photo processing, John Timpson bought the other shareholders out in 1993. The company then went on the acquisition trail:
John Timpson and his wife were foster carers for 29 years, fostering over 80 children. The couple have five children of their own. In 2000 John wrote the book Dear James, in which he passes on to his son the lessons learned in 30 years as a chief executive. His second book How to ride a Giraffe describes his business philosophy. Timpson was awarded the CBE in 2008 for services to the retail industry.
Present
John Timpson's philosophy is that "If you treat people well, it is blindingly obvious that they will do a good job." The company still has a final salary pension scheme in place,( not available to new employees) owns holiday homes for workers, staff get their birthdays off, and bonuses for exceeding targets. In 2007, to celebrate growing from £500,000 profit to £12m in 20 years of trading, Timpson's launched the "Dream Come True" programme for staff, which over 12 months paid for eye operations, reunited families and sent staff on dream trips to Australia. The business has won countless awards, and been in the top 10 of the Sunday Times 100 Best Companies to Work For every time it has entered. The company has a policy of employing ex-prisoners and runs pre-release training in several prisons.