Jessops eyes a snappy return to profit growth

JESSOPS is eyeing a return to profitability after clawing its way back from the brink in the wake of the financial meltdown.

The firm was rescued when its bank HSBC agreed to write off £34m of debt in return for 47 per cent of the company.

Shareholders in the firm were all but wiped out during the restructuring. The camera specialist floated for 155p in 2004 but investors received just 1p for every 10 shares. Almost a third of the firm’s stores closed as a result of the deal.

Now the company believes it is on the verge of a remarkable recovery with “single-digit” sales growth across its divisions.

It says it will undergo a major revamp as it seeks to secure its place on the high street.