Jessops owner plans to call in administrators

9
Posted 16th Oct
Another bit of bad news for the high street

500 jobs at risk and 46 stores look set to close if no deal can be found

''The owner of camera chain Jessops, Dragons Den star Peter Jones, plans to call in administrators to help salvage the struggling High Street brand.

Mr Jones bought the chain from administrators in 2013 after it collapsed under £81m of debt.

But since then, the firm, which has 46 shops, has not made a single profit and losses have mounted in recent years.

Now Mr Jones reportedly intends to seek a rescue deal for the firm's property arm, JR Prop Limited.

Last year alone, the business, which employs 500 people, saw its rent costs increase to £4.7m.

Lease charges, which include rent on stores, increased from £4.4m in 2017.


Now Mr Jones is reportedly planning to seek a rescue deal, known as a company voluntary agreement (CVA) with its landlords and lenders. This is an insolvency process that allows a business to reach an agreement with its creditors to pay off all or part of its debts.

Sky News said the CVA was expected to lead to store closures and rent cuts.

But sources close to Jessops said Mr Jones still saw a future in the business and would not say how many of the chain's stores were at risk of closure''.

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It would be great if actual people could say they are struggling finacially and get their rent cut.
Edited by: "thomasleep" 16th Oct
TheAppleGeezer16/10/2019 18:24

Hope it won’t be gone in a flash.


Well i do not want to be too negative about it or make any snap judgements but Jessops failed to focus on the customer.Maybe they needed more exposure under Peter Jones but i feel sorry for the staff,they must be feeling quite raw at the moment with this news filing out today.
9 Comments
It would be great if actual people could say they are struggling finacially and get their rent cut.
Edited by: "thomasleep" 16th Oct
No way.... How come DRAGON become bankrupt ?

Surprise, PETER JONES declared bankruptcy !

Now I know, how to become billionaire... Heads up for clearance deals on HUKD platform ...
Hope it won’t be gone in a flash.
singhisking6816/10/2019 17:48

No way.... How come DRAGON become bankrupt ?Surprise, PETER JONES declared …No way.... How come DRAGON become bankrupt ?Surprise, PETER JONES declared bankruptcy !Now I know, how to become billionaire... Heads up for clearance deals on HUKD platform ...


READ the article. The business is insolvent. Not (one of) it’s owners.
They didn't move with the times, Who buys from the high street nowadays.

I haven't even bought anything ever from Jessops.
TheAppleGeezer16/10/2019 18:24

Hope it won’t be gone in a flash.


Well i do not want to be too negative about it or make any snap judgements but Jessops failed to focus on the customer.Maybe they needed more exposure under Peter Jones but i feel sorry for the staff,they must be feeling quite raw at the moment with this news filing out today.
markvirgo16/10/2019 18:28

They didn't move with the times, Who buys from the high street nowadays. I …They didn't move with the times, Who buys from the high street nowadays. I haven't even bought anything ever from Jessops.


I agree, they should have never been saved first time round.


Admittedly I do use their print service when I'm in town as the quality is excellent and service fast but that's about it.
Nobody needs a specialist camera store on the high street. If people want photo printing, which I'd imagine is the main reason for visiting Jessops, there are alternatives such as Boots which don't rely on that as their core business. For specialist camera equipment, people buy online.
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