FRP advises In-Time on its sale to The Timpson Group
Monday January 9, 2023
More than 100 jobs saved in pre-pack deal
We are delighted to have supported national watch and jewellery repair business In-Time in its sale out of administration, in a deal that will save over 100 jobs.
FRP Chief Executive Officer Geoff Rowley and Restructuring Advisory Partner Tony Wright were appointed as Joint Administrators for the business on Thursday 5th January, and on their appointment immediately secured a pre-pack sale of the company to national services retailer The Timpson Group.
In-Time, which has been trading since 1981, provides repair services from 38 locations across the UK. The business operates two dedicated shops as well as kiosks within a range of department stores including John Lewis and previously Debenhams.
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 102 members of its 104-strong employee base, including senior leaders within the business, will now become part of Timpson. 35 of its locations have been acquired.
Geoff Rowley of FRP 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.”
Timpson will be working to ensure In-Time customers with personal items currently held in-store will be able to access them, with agreed services being honoured where possible.
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.Geoff Rowley Chief Executive Officer