Timpson announces expansion despite profits drop

<p>Cobbler Timpson has announced it is expanding.</p>

Cobbler Timpson has revealed expansion plans that it says are taking a long-term view for the future of the company, despite it posting a drop in profits.

The key-cutting chain plans to open another 100 branches even though its profits are down by as much as a fifth.

It is expected that the majority of the new stores being opened by Timpson in the coming weeks and months will be located inside supermarkets all over the UK.

"Our link with supermarkets provides a substantial route to grow the business," it added.

The company stated that a "tricky time on the High Street" can be blamed for its fall in pre-tax profit for the year to the end of September to £10.1 million.

Timpson has a history that dates back for close to 150 years and it was founded by William Timpson, who opened his first shop in Butler Street, Manchester in 1865 at the age of 16.

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