The offending release, entitled "RENTAL AXE WILL FALL ON WEAKENED UK BUSINESSES" claimed that a number of high street businesses had found themselves in hot water following the second quarter rental payment deadline.
Timpson was listed alongside struggling retailer Jessops as being affected by the issue. "Plummeting turnovers – combined with over inflated rents – will induce another round of insolvencies, leading to further job losses and more vacant properties," stated the release.
"Everyone knows that Jessops has had to refinance," says the enraged Timpson. "But we have had to renegotiate no leases at all. Business has never been better: revenues are up; cash flow is strong."
So how could this release have got its facts so muddled?
"We have recently negotiated new lease agreements following our acquisition of Max Spielmann/Klick," says Timpo. "It went into administration and it’s a matter of course to renegotiate contracts in this case. I’m absolutely appalled by these statements. It’s a joke!"
Oh-oh. It seems that someone thought that bad news made good headlines when these erroneous facts were circulated. Timpo’s on the phone to the offending parties now to find out how a press release "so far from the truth" could have been disseminated.
"Especially when we’re heading for a record year!" finishes Timpson.
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