Osborne Clarke has advised the administrators of In-Time Watch Services Limited on the sale of the company's business and assets to Timpson, which included 35 shops and 110 employees.
The transaction took place on Thursday 5 January, which was also the date on which the administrators were appointed. In-Time had been trading since 1981.
Geoff Rowley and Tony Wright of specialist business advisory firm, FRP Advisory, were appointed joint administrators.
The Osborne Clarke team included head of restructuring & insolvency Will Gunston, associate David Antrobus, and trainee Niamh Haughey. Senior associate Sophie-Jennifer Pyle advised on real estate aspects and associate director Nick Haywood advised on employment.
Mr Rowley said: "This deal represents a positive outcome for a long-established retail business that has faced into a range of challenges linked to the pandemic and post-Brexit trading conditions.
"The quality of the brand and its customer base ensured that there was strong interest in the business from potential suitors, including a British institution in Timpson.
"It’s a pleasure to be able to secure the future of the business and its employees who will ensure continuity of service for its customers as part of Timpson."
Writing on Twitter, CEO James Timpson said: "A big welcome to our new colleagues from In-Time who joined the Timpson family.
"35 shops across the UK focussed on watch and jewellery repairs, and 110 amazing people who I’m proud to now have as colleagues."
Osborne Clarke’s restructuring and insolvency group has also advised on matters relating to the restructurings of the fintech business Neyber, retailers Peacocks, Bonmarché, Laura Ashley and Oasis/Warehouse, and acting for the consortium that purchased the Jewish Chronicle newspaper.
In November it was nominated as Restructuring Team of the Year at the British Legal Awards 2022.
