16 October 2019 17:55
THE owner of the camera shop chain Jessops is poised to go into administration, plunging the chain's future into doubt for the second time in six years. The business was bought out of administration by Dragon's Den star Peter Jones in 2013. All its 187 stores had already closed with the loss of almost 1,500 jobs, but Mr Jones relaunched the business and re-hired many former staff. However, the company has not turned a profit since then and its property arm, JR Prop Ltd, has filed a notice of intention to appoint administrators. It is reported that Mr Jones is seeking a company voluntary arrangement (CVA) with creditors to shut unprofitable sites and cut rents.
The holding company for the 46 shops, Jessops Europe, would not go into administration. The 2013 administration led to the closure of Jessops stores at Castlepoint and Poole's Dolphin Centre. A branch in central Bournemouth had closed the previous year. It still has a branch at Southampton's Westquay.