Timpson to open 100 new branches
Timpson, the keycutter and shoe repairer, is planning to open 100 new stores across the UK by taking space in supermarkets.
The company unveiled the plans in its results which showed that the family-run chain increased its turnover by 3% to £136.5 million in the year to 30 September.
However, pre-tax profits fell to £10.1 million from £12.9 million in the previous year as the company experienced a “tricky time on the high street” due to prolonged wet weather throughout the year and weak consumer confidence.
Timpson opened 88 new stores during the year, the majority of which were in out-of-town Tesco and Sainsbury’s supermarkets.
In a statement, the company said: “Fortunately, the opening of an out-of-town Timpson has very little effect on the turnover of existing shops, so our link with supermarkets provides a substantial route to grow the business. It will also increase our share of the dry-cleaning market.”
Timpson is also expanding into the locksmith business including cutting car keys.
