staying private

Question 1

When did William Timpson open his first shoe shop?

Answer 1

In 1865.

Question 2

When did W M Timpson become a private limited company?

Answer 2

In 1912.

Question 3

Which retail conglomerate bought Timpson after it became public?

Answer 3

United Drapery Stores (UDS).

Question 3

In what year did W M Timpson convert to a public limited company?

Answer 3

In 1929.

Question 4

Who acquired United Drapery Stores (UDS)?

Answer 4

Hanson Trust, a multi-industry conglomerate.

Question 5

When did the Timpson family buy the company back into private ownership?

Answer 5

In 1983.

Question 6

What major shift did Timpson make after returning to private ownership?

Answer 6

It sold its shoe shops and focused on shoe repairing and key cutting.

Question 7

Name three services Timpson diversified into after 1983.

Answer 7

Engraving, watch repairs, dry cleaning, and photo processing.

Question 8

What company did Timpson acquire in 2003?

Answer 8

The Minit Group.

Question 9

Which photo store chain did Timpson acquire in 2009?

Answer 9

Max Spielmann photo stores.

Question 10

What franchise photo chain did Timpson buy in 2017?

Answer 10

Snappy Snaps.

Question 11

What dry cleaning chains did Timpson acquire in 2017?

Answer 11

Johnson and Jeeves dry cleaning shops.

Question 12

How many retail outlets does Timpson control today?

Answer 12

Almost 2,000 retail outlets.

Question 13

What is Timpson’s approximate turnover?

Answer 13

Around €260 million.

Question 14

How much profit does Timpson generate?

Answer 14

Over £12 million.

Question 15

How many employees does Timpson have?

Answer 15

Over 5,600 employees.

Question 16

Who is the current chairman of Timpson?

Answer 16

John Timpson.

Question 17

Who is John Timpson in relation to the company’s founder?

Answer 17

He is the great-grandson of William Timpson.

Question 18

What is John Timpson’s stance on floating the business on the stock market?

Answer 18

He prefers to keep the business private and fund expansion through cash flow.

Question 19

Why does John Timpson reject offers from bankers to buy shares in the business?

Answer 19

He doesn’t want shareholders telling him what to do.

Question 20

Sole Trader (Sole Proprietorship)

Answer 20

Ownership: Owned by one individual.
Liability: The owner has unlimited liability, meaning they are personally responsible for all debts and liabilities.
Taxation: Income is taxed as personal income to the owner.
Control: The owner has complete control over decision-making.
Examples: Freelancers, small local businesses.

Question 21

Private Limited Company (Ltd)

Answer 21

Ownership: Privately held, with shares owned by a small number of people (often family members or friends).
Liability: Shareholders have limited liability, meaning they are only responsible for company debts up to the amount they have invested.
Taxation: The company is taxed separately from the owners.
Control: Managed by directors, but ownership is typically in the hands of a few individuals.
Examples: Timpson, small to medium-sized family businesses.

Question 22

Limited Liability Company (LLC) (US only)

Answer 22

Ownership: Can be owned by one or more individuals (called members).
Liability: Members have limited liability, protecting personal assets from company debts.
Taxation: Often treated as a “pass-through” entity, meaning profits and losses pass through to the owners’ personal tax returns (avoiding double taxation).
Control: Members have flexibility in management, which can be owner-managed or managed by appointees.
Examples: Small to medium-sized businesses in the U.S.

Question 23

Public Limited Company (PLC)

Answer 23

Ownership: Shares are offered to the general public and traded on a stock exchange.
Liability: Shareholders have limited liability.
Taxation: The company pays corporate tax, and shareholders are taxed on dividends.
Control: Managed by a board of directors; shareholders vote on major decisions.
Examples: Large multinational corporations like BP or Unilever.

Question 24

What business types has he gone through?

Answer 24

Private limited company(1912 and 1983) , Public Limited Company (1929) , Conglomerate (After 1929 and before 1983) , Franchise ( 2017)