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PRIVACY
Retail & Consumer

Timpson steps into the red as pandemic ruins plans for record year

While its shops were closed the company said it made an average loss of £1.5m a week

Timpson has reported its latest financial results(Image: Ayrshire Post)

Turnover slumped by almost £80m at Timpson, the family-owned shoe repairs, key cutting and locksmith company which was founded in 1865, while it racked up losses of nearly £11m during its latest financial year because of the Covid-19 pandemic.

Newly filed documents with Companies House show the Wythenshawe-headquartered business posted a turnover £209.3m for the 12 months to September 26, 2020, down from £286.9m in the prior year.

They also confirm that the company made a pre-tax loss of £10.8m for the period compared to a profit of £20.3m.

The business said it "traded really well" up to the end of February 2020 and "we were confidently forecasting" a record result for the year.

The company opened 21 new shops during the first half and was "confidently forecasting" a year end bank balance of more than £35m which Timpson said would have given it security for the next decade.

However, as soon as the Covid-19 hit the 海角视频 economy in early March 2020, it was forced to close all of its 2,100 shops and three pubs while its turnover fell by 97% over the following nine weeks with its only income coming from websites and the locksmiths.

Timpson furloughed 90% of its staff and guaranteed them their full basic pay.

While its shops were closed the company said it made an average loss of £1.5m a week.