staying private Flashcards
When did William Timpson open his first shoe shop?
In 1865.
When did W M Timpson become a private limited company?
In 1912.
Which retail conglomerate bought Timpson after it became public?
United Drapery Stores (UDS).
In what year did W M Timpson convert to a public limited company?
In 1929.
Who acquired United Drapery Stores (UDS)?
Hanson Trust, a multi-industry conglomerate.
When did the Timpson family buy the company back into private ownership?
In 1983.
What major shift did Timpson make after returning to private ownership?
It sold its shoe shops and focused on shoe repairing and key cutting.
Name three services Timpson diversified into after 1983.
Engraving, watch repairs, dry cleaning, and photo processing.
What company did Timpson acquire in 2003?
The Minit Group.
Which photo store chain did Timpson acquire in 2009?
Max Spielmann photo stores.
What franchise photo chain did Timpson buy in 2017?
Snappy Snaps.
What dry cleaning chains did Timpson acquire in 2017?
Johnson and Jeeves dry cleaning shops.
How many retail outlets does Timpson control today?
Almost 2,000 retail outlets.
What is Timpson’s approximate turnover?
Around €260 million.
How much profit does Timpson generate?
Over £12 million.
How many employees does Timpson have?
Over 5,600 employees.
Who is the current chairman of Timpson?
John Timpson.
Who is John Timpson in relation to the company’s founder?
He is the great-grandson of William Timpson.
What is John Timpson’s stance on floating the business on the stock market?
He prefers to keep the business private and fund expansion through cash flow.
Why does John Timpson reject offers from bankers to buy shares in the business?
He doesn’t want shareholders telling him what to do.
Sole Trader (Sole Proprietorship)
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.
Private Limited Company (Ltd)
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.
Limited Liability Company (LLC) (US only)
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.
Public Limited Company (PLC)
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.
