Apr 9, 2013
Earlier this year, I wrote a blog about Jessops entering administration and the impact this would have on the U.K. digital camera market. Three days after I wrote that blog, Jessops did close its doors and 1,300 staff lost their jobs.
Since then Peter Jones, one of the dragons on BBC’s Dragons’ Den program, has emerged as a buyer of the business. Mr. Jones has invested £4mln in Jessops and will by the end of this month have reopened 30 of the 187 stores that were closed in January, re-employing many former Jessops staff in the process. Mr. Jones becomes the Chairman and Chief Executive and has vowed to be closely involved with the business as it is turned around, setting a target of £80 million in sales and 15% share of the U.K. DSLR market in their first year of business. Read more »
Jan 10, 2013
Yesterday, Jessops and PricewaterhouseCoopers (PwC) announced that Jessops is entering administration (equivalent to Chapter 7 Bankruptcy in the U.S.). Jessops has been an integral part of the U.K. camera market since it was founded by Frank Jessop in 1935. In the early 2000s Jessops went on the acquisition trail and bought up many of the U.K.’s independent camera shops. This led Jessops to become the largest chain of camera specialty retailers with more than 200 stores across the country. In 2002, ABN AMRO acquired the company and 2 years later Jessops went public on the London Stock Exchange. In 2007, just ahead of the Global Financial Crisis, Jessops faced financial trouble and entered into a period of restructuring and negotiations with its creditors. In 2009, Jessops Plc was liquidated and Jessops Ltd was created. Read more »