COBBLER and key-cutter Timpson plans to open a further 100 branches by taking up space inside supermarkets, adding to more than 1,000 existing outlets throughout the UK.
The family-owned chain posted a 21 per cent fall in profits for the year to 30 September, as wet weather and weak consumer spending led to a “tricky time on the high street”.
The Manchester-based group, which also has locksmith and dry cleaning operations, reported pre-tax profits of £10.1 million, compared with £12.9m a year earlier.
Timpson said: “A tricky time on the high street is reflected by lower profits compared with the record we set last year. But, despite making less money, our business has made a lot of progress and continues to keep cash in the bank. “The short-term pressures have not stopped us from taking a long-term view.”
Sales rose by 3 per cent to £136.5m as 88 stores opened, mainly inside out-of-town Sainsbury’s and Tesco supermarkets. Dividends worth £4m were paid out to the Timpson family.