Camera retailer Jessops has appointed administrators to its property arm, reportedly placing around 500 jobs at risk.
According to The Guardian, the retailer’s main trading company Jessops Europe is not affected by the administration and its owner, Dragons Den’s Peter Jones, is thought to want to keep the business going.
Jones, who brought the company out of administration in 2013, has been considering appointing administrators for a number of months, with reports suggesting the option was first considered back in October.
It is believed that Jones was also seeking to agree a Company Voluntary Arrangement (CVA) that would have seen rent cuts and store closures. Discussions with landlords were said to have been underway for some time, with the administration said to be necessary to move forward with any restructuring.
In November, it was also muted that Jones was looking for a potential buyer for the company and was holding talks with unnamed buyers.
At the time a source close to the discussions was cited saying: “It’s now being looked at, but it’s far from certain.”