He runs 830 key-cutting/shoe repair businesses and told GCA delegates he employs ex-prisoners and cuts back office costs to the bone by empowering frontline staff.

Timpson spoke about his "upside-down management structure", which allows shop managers to run their own businesses and set prices. Staff retention and absentee levels are good because shop staff are paid 15% of the amount they sell above their target, which is set at 4.5 times their wage level — on average at £85 per week. He added that, because of this, customers who barter will get bargains.

Store teams order their own stock and set their own prices. "They can charge what they think."

His father, chairman John Timpson, undertook a management buy-out of the business in 1984. The company was founded by James Timpson's great-great-grandfather in 1865, before its sale in the 1970s following a family falling-out. Timpson joined the business in 1994 and has helped his father grow it from 118 repair shops in 1987 to a turnover of £150m.

Timpson said he has a waiting list of 200 for jobs, keeping staff on their toes. They replace the worst existing staff, who are moved or paid off. He said he employs on personality, not CV.

 

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