John Timpson: cobbling together a fortune

John Timpson secured a £1m mortgage on his home and took over the ailing family shoe repair business. Now, turnover is in the region of £150m.

No matter how rich a poor man gets, his great grandson will probably muck things up, says the old Lancashire proverb. John Timpson, however, has proved the adage wrong. His shoe and watch repair business, founded by his great grandfather is thriving and, unlike most firms, has actually benefited from the recession.

Instead of buying so many new shoes, people are now more prepared to make do and mend. "Shoe repair did fantastically well, particularly in November, when the recession started to hit people, and it has kept up," says Timpson, 65, a likeable man who hums to himself "bombombom" as he works, steers clear of emails and keeps his appointments in a monogrammed leather book. But though likeable, he has fought a long, determined battle to make his £53m fortune.

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Jody Clarke

Jody studied at the University of Limerick and was a senior writer for MoneyWeek. Jody is experienced in interviewing, for example digging into the lives of an ex-M15 agent and quirky business owners who have made millions. Jody’s other areas of expertise include advice on funds, stocks and house prices.