Thu, 05 Jan 2017 | BUSINESS SALE
Family-owned high street cobbler and key-cutters Timpson has snapped up the dry cleaning arm of Johnson Services Group for £8.25 million as it looks to move away from its traditional offering.
Johnson’s dry cleaning business, which includes the brands Johnson Cleaners UK, Jeeves of Belgravia and Jeeves International, posted turnover of £46.2 million for the 12 months to the end of December 2015, with adjusted operating profits of £2 million.
Timpson is well-known for its shoe repairs and key cutting services but it also offers dry cleaning services, which, together with mobile phone repairs, is one of its fastest-growing activities.
For Johnson, the deal cements its complete exit from the dry cleaning sector - over the last few years the company has been slowly whittling down its number of shops. Instead, the firm will focus on its textile rental business.
Chris Sander, Johnson chief executive officer, said: “We continue to successfully implement our strategic growth plan, with the disposal of the dry cleaning business enabling us to focus our efforts on the ongoing expansion of our textile rental activities.”
Timpson employs more than 3,400 people in the UK and operates more than 1,300 stores, many of which are small ‘pod’-style shops close to supermarkets. It also operates 110 Snappy Snaps franchises.
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