We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedFinancial Planning

Jessops calls in administrators


Another high street retailer hits turbulence

Article comments

UK high street camera and specialist photographic equipment retailer Jessops has gone into administration, CFOWorld has learnt.

A source at PricewaterhouseCoopers (PwC) has confirmed that the global advisory firm has been appointed as the administrator.

Despite inking a debt equity swap with HSBC to free up additional funding in 2009, Jessops was unable to generate an “effective” turnaround, according to the source.

It now appears that the retailer only managed to put off administration for a few years.

In an official statement, PwC said, "Our most pressing task is to review the company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved. Trading in the stores is hoped to continue today but is critically dependent on these on-going discussions."

PwC has not ruled out store closures saying it was "inevitable."

Jessops, founded in Leicester in 1935, operates 200 stores in the UK with nearly 2000 employees. The company was unavailable for comment when approached by CFOWorld.

The news spreads further gloom on the UK high street, coming close on the heels of electrical retailer Comet’s demise with a number of retail brands biting the dust in recent years.

Share:

Comments

Jessops calls in administrators
Financial Planning

Budget: What business wants

Budget: What business wants

CFOs are keen for the chancellor to avoid any uncertaintymore ..


Card Factory planning London listing

Share float could see company valued close to £1 billionmore ..

Unilever reports Q1 sales growth of 3.6%

However, consumer product giant’s turnover hit by 8.9% negative currency impactmore ..

Spirent posts 16% rise in Q1 revenue

Networks testing firm benefiting from 4G rollout in Chinamore ..

Stay ahead of the curve

CFOs used to low interest rates ignore working capital optimisation at their perilmore ..

Digital streamlining of travel and expense claims [Part II]

Concur shows CFOs how to make life easier when the auditors come knockingmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Do you have what it takes to become a non-executive?

Do you have what it takes to become a non-executive?

The benefits of board service for CFOs more ..

In Depth
How M&A teams can create value by challenging the CEO

How M&A teams can create value by challenging the CEO

A typical “hold” period of nine to 18 months can generate increased sale value more ..

Advertisement

* *