Timpson buys Royal dry-cleaners

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Key-cutting and shoe repairs firm Timpson today bought Jeeves of Belgravia, dry cleaners to the Royal Family, as part of an £8.3 million acquisition from Johnson Service Group.

As well as the purchase of the upmarket Royal Warrant holder, which has eight London branches and a number of international stores, the deal includes retail arm Johnson Cleaners UK.

Combined, the Johnson dry-cleaning business generated sales of £46.2 million in 2015. It has around 200 stores.

Johnson Service Group’s boss Chris Sander said the disposal would help the firm to concentrate on expanding its textile rental arm, which provides linen for hotels and restaurants. 

The company added that some of the proceeds will be used to reduce its debts and pay into its pension scheme.

Shares in Johnson rose 1.62p, or 1.44%, to 114.62p.

Source Article from http://www.standard.co.uk/business/timpson-buys-royal-drycleaners-a3433426.html

January 6, 2017 |
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