Jessops is said to be considering entering into a CVA to protect the multi-channel business, after hiring insolvency advisors FRP and filing a notice of intent to appoint administrators.
It’s the third time that administrators have been called in to aid the ailing high street camera chain since 2013.
Dragons’ Den entrepreneur Peter Jones and his PJ Investment Group bought Jessops out of administration the first time, returning it to profit by 2016. However, by 2019, the administrators were back for Jessops’ property arm after a failed bid to get landlords to back a CVA and subsequent rent reductions.
According to reports, Jessops currently employs 120 staff and operates 17 stores (down from 46 sites two years ago).
Share