Jessops files for administration
It is the second time in under two years that the group has called in the administrators
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Camera retailer Jessops has filed a notice to appoint administrators following continued impacts of the ongoing lockdown restrictions.
The firm’s owner, PJ Investment Group, has hired the restructuring advisor FRP to handle the process, and has also revealed that it is considering a company voluntary arrangement (CVA) in a bid to protect the business.
It is the second time in under two years that the group has called in the administrators, as over half of the group’s sites were forced to close permanently in 2019.
Currently an employer of 120 staff members, Peter Jones’ Jessops operates both online and across 17 high street stores.
The group’s entire portfolio, including its flagship Oxford Street and Birmingham sites, are closed with plans to reopen on 12 April in line with the easing of Government restrictions.
A spokesperson for Jessops said: “We have filed a notice of intention to appoint administrators with a view to consider a CVA process in order to protect the business for our staff, our partners and creditors as we look to carve out a new strategy that will enable the business to continue to compete.
“No doubt, that will include further growing Jessops’ digital offering, as well as considering the opportunities to partner with other retailers to continue Jessops’ high street presence.”
PJ Investment group acquired the photographic equipment retailer in January 2013, and has since made a “multi-million pound investment in restructuring and revitalising the business”.
The spokesperson added that the investor group has confirmed it “stand[s] ready to provide additional funding” on the condition that a “suitable agreement can be reached” to support Jessops in its next stage of development.
