Friday 26 March 2021 1:21 pm

Jessops files for administration with 17 stores and 120 jobs at risk

Jessops, the camera retailer owned by Dragons’ Den investor Peter Jones, has filed a notice to appoint administrators after it was affected by lockdown restrictions.

The company, which was bought by Mr Jones in 2013, currently employs 120 staff and runs 17 stores.

It has hired insolvency specialists FRP and said it is now considering a Company’s Voluntary Arrangement (CVA) restructuring process in a bid to protect its long-term future.

Read more: Retail sales recover slightly in February driven by DIY purchases

A spokesman for Jessops said: “We have filed a notice of intention to appoint administrators with a view to consider a CVA process in order to protect the business for our staff, our partners and creditors as we look to carve out a new strategy that will enable the business to continue to compete.

“No doubt, that will include further growing Jessops’ digital offering, as well as considering the opportunities to partner with other retailers to continue Jessops’ high street presence.

“We are working closely with key suppliers and partners to agree a way forward and PJ Investment Group have confirmed that they stand ready to provide additional funding if a suitable agreement can be reached on sustainably supporting Jessops in the next stage of its development.”

Read more: Covid was the final lever for the creative destruction of the high street: it’s not gone, just changing

The camera shop chain last appointed administrators in 2019 and shrunk its store estate from 46 branches to 17.

Share: