That control is directed by the management team of Mr Matheson and operations director Brian Jones, who has been with In-Time for “20-odd years”. It seems that, when every second counts, the years quickly add up.
New additions have added new insights, with Bob Allen joining as finance director and former Max Spielman managing director David Edwards, who was responsible for the growth of the business into a large retail chain, appointed as non-executive chairman.
In-Time, which employs 160 people, operates concessions within department stores such as Debenhams, Tesco, Beales and Beatties, which offer an on-site service for watch straps, batteries and small repairs. It also has two stand-alone outlets within shopping centres, including Golden Square, in Warrington.
Its head office and repair workshop, which looks after the major repairs, is in Southport, and it recently opened in Liverpool, with a concession in Debenhams’ Liverpool One store.
THE new site in such a key location is one of the most noticeable changes since the MBO, but it is far from being the only one.
“There have been quite a few changes,” he said, again in an understated manner, before reeling off some of them that show just how busy the company has been.
“We have had the luxury of being able to map out a business plan that takes us forward over the next 3-5 years. We had been living from month to month.
“We have been able to invest money in systems that have brought us up to date, like an ePos system.
“Our stock distribution is now done on direct delivery from suppliers and not from Southport.
“We have rebranded the com-pany. The business has gone from looking very twee to shouting about the services we offer.
“All of our staff now wear uniforms and we have done a lot of refits. Because it was under-invested, we have had to catch up.”
THE under-investment didn’t just relate to the buildings, but also the staff, who are now part of a bespoke training programme.
“We have provided a lot of training for our staff,” he said. “We have a full-time technical training manager, but we have had to put our own training programme together.”
Mr Matheson is currently vice-chairman of the British Watch and Clockmakers’ Guild, and is acutely aware of the skills shortage the industry is facing.
“The biggest challenge is that between 1980 and 2005 we lost a generation of watchmakers. Lots retired and they weren’t replaced. The traditional employ-ers, like H Samuel, started to out-source the work so there were no new watchmakers being trained.
“The skill shortage will be with us for a long time. The good news is that a group of manufacturers put the money together for the British School of Watchmaking in Sale, Manchester, which runs a two-year course. Bit by bit, there are more of these students coming into the industry.”
Mr Matheson is aware of the value of looking after his staff. Recently, the company held a long service dinner to recognise the eight people who have been with the company since 1981.
But the company isn’t looking back as it implements its strategy to grow the business.
He said: “We are looking at acquisitions, whether individual outlets and small chains, and we are hopeful of completing one acquisition fairly soon.
“It’s only one outlet, but it’s a new town for us and we also have a few openings before the end of the year.”
The credit crunch is not putting the company off its expansion plans, as the make do and mend philosophy comes back into vogue. Our average transaction is £12, so we are not looking at large, considered purchases.
“Whenever money is tight, for economic reasons or being less wasteful, they do get things repaired.
“With a new watch strap, it can make your watch look very different. Money is getting tighter. We would expect to see more people getting watches repaired.”
And, although In-Time Watch Services has had a couple of different straps itself, it is ticking along nicely with the one it has now.
Q&A
Age: 48.
Lives: Southport, with his wife, Liz.
Highest educational qualification: A-levels at Liverpool College.
Proudest achievement: To put together a management buyout (MBO) with the backing of a regional venture capital firm was an education for me. To finally conclude it made me extremely proud.
Biggest regret: No regrets. Any regrets I did have were killed off when I completed the MBO.
Best piece of advice: Never, ever give up – a lesson that my father has taught me over the years.