Administrators who managed to safeguard more than 100 jobs at a national watch and jewellery repair business have appointed CAPA to conduct major audits of the company.
FRP Advisory recently rescued the company, In-Time, by selling the business through a pre-pack administration to The Timpson Group – the retailer and repair chain that operates sites across the London underground and national railway stations.
In-Time, which has been trading since 1981, provides repair services from 38 locations across the UK. The business operates two dedicated shops as well as kiosks within a range of department stores including John Lewis and previously Debenhams.
Declining sales linked to unforeseen kiosk closures as well as increased material and import costs had impacted the business’ cashflow and its ability to trade.
Ultimately Geoff Rowley and Anthony Wright of FRP Advisory were appointed joint administrators on January 5 but completed the sale upon their appointment.
As part of the pre-pack administration, In-Time’s assets and 102 members of its 104-strong employee base, including senior leaders within the business, became part of Timpson. The retailer also acquired 35 locations where In-Time traded from.
The administrators said that the quality of the brand and its customer based helped make the business an attractive prospect for various suitors and its new owner.
FRP’s instruction to CAPA will see CAPA’s Audit team undertake a forensic audit of property costs at all 38 sites occupied by In-Time.
Deploying bespoke software, CAPA’s auditors will interrogate data on utility bills, invoices, property service management charges and business rates paid out across the locations.
The auditors will look to identify any errors or anomalies, before recovering any overpayments on a no-win no-fee basis.