Cobbler Timpson will face millions in losses after Chancellor's National Insurance tax raid
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COBBLERS chain Timpson has warned it will face a multi-million-pound hit from the Chancellor's tax raid — just months after its boss quit to join the Government.
The family-owned firm, known for its history of hiring former offenders, saw CEO James Timpson step down to become Prisons Minister in July to work on reforming jails.
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Timpson has warned it will face a multi-million-pound hit from the Chancellor's tax raid
Credit: Alamy
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James Timpson stepped down as CEO to become Prisons Minister in July to work on reforming jails
Credit: Lauren Hurley / No 10 Downing St
In the company's first set of accounts since the General Election, it says: 'His time in Government will be a loss to the business.'
Timpson reported sales rose by 4.5 per cent last year to £347million, while profits jumped by 26 per cent to £48million.
But the company said its record year would be difficult to match in the face of big increases in the minimum wage and 'a swinging increase in our contribution to National Insurance'.
The firm, which already pays above the Living Wage rate, said it would face £12million of extra costs from Rachel Reeves' changes to NI.
The admission is awkward given Lord Timpson's ministerial role.
The Labour peer did not return a request for comment.
Timpson is often held up as an example of a good employer.
It has 17 holiday lodges for staff to take breaks, and it spent £711,000 last year on training recruits with a criminal record.
Ex-offenders make up 12 per cent of its workforce.
Accounts show it paid the Treasury £108.2million last year in VAT, employment taxes and business rates on its shops.
Martin Lewis issues warning for 700,000 workers as National Insurance hikes have 'direct impact' on take home pay
RIVAL DOC BID
A TUSSLE for NHS doctor surgery landlord Assura has taken a fresh twist after healthcare investor Primary Health Properties made a £1.68billion offer yesterday.
It is higher than the £1.61billion accepted from private equity firms KKR and Stonepeak Partners.
Assura will consider the new offer.
RICH TAX PUSH
THE UK's richest are paying less tax than they should, a watchdog says.
The National Audit Office said HMRC had earned £5.2billion from tackling 'non-compliance' from well-off taxpayers in 2023/24.
That was more than £1billion higher than projections — confirming more avoidance than expected.
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