Just In-Time! Timpson saves watch repair firm from bankruptcy, and 110 jobs
High street stalwart Timpson has swooped in to rescue watch and jewellery specialist In-Time from bankruptcy in a move that is set to save more than 100 jobs.
Timpson, which provides repairs and engraving services, announced it had bought the firm in a pre-pack sale after administrators were called in to oversee the winding up of the firm today.
Timspon chief James Timpson said 110 jobs have been saved after the In-Time collapsed just before Christmas.
“A big welcome to our new colleagues from In Time who joined the Timpson Family yesterday,” Timpson wrote on Twitter today.
“35 shops across the UK focussed on Watch and Jewellery Repairs, and 110 amazing people who I’m proud to now have as colleagues.”
Administrators at FRP were called in today and claimed to have immediately secured a pre-pack sale of the firm. Details of the deal have not been disclosed.
In-Time, which has been trading since 1981, offers repair services from 38 locations across the UK. The business operates two dedicated shops as well as kiosks in stores including John Lewis and previously Debenhams.
Sinking sales linked to kiosk closures and sharp hikes in material and import costs had hammered the firm and choked off sales prior to the bankruptcy before Christmas.
Administrators said the deal was a “positive outcome” for the firm after it was rocked by pandemic-induced troubles.
“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,” Geoff Rowley of FRP said.
In-Time posted on its website that a number of its stores were back open for business on Thursday after closing over Christmas.
“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,” the firm wrote.