Wed, 31 Mar 2021 | ADMINISTRATION
Specialist camera retailer Jessops has announced that it has filed for administration following severe business disruption caused by lockdown.
Marking the third time the company has called in administrators, the latest announcement follows a period of financial uncertainty for the firm, which has blamed COVID-19 lockdown restrictions for a reduction in business.
The company, which was bought by Peter Jones' PJ Investment Group in 2013, has revealed that it has hired advisors FRP to help it restructure the business. However, Jessops stated that a company voluntary arrangement (CVA) is currently being considered to help the company secure its future.
Commenting on the news, a company spokesman 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."
Geoff Rowley, partner at FRP, added that the firm is likely to consider options such as expanding its digital offering and seeking partners in a bid to continue. He said: "Jessops is a long-established British brand, but like many others, it has faced growing online competition, as well as the challenges faced by all high street retailers in operating through the restrictions imposed during the pandemic.
"We are working closely with PJ Investment Group and the wider Jessops management team to consider all options to secure a future for the retailer."
Jessops last entered administration in October 2019, when it was forced to close 63 per cent of its stores due to financial concerns.
An opportunity has arisen to acquire an IT network support service provider based in the North of England. With more than a decade of trading history, this business has attained a strong market position as a specialist providing critical network infr...
An opportunity has arisen to purchase a Managed Service Provider (MSP) and IT consultancy based in Southeast England. The company is well-established, with a trading record spanning over 25 years.
An opportunity has arisen to acquire an IT company based in Aberdeenshire. This profitable business has grown consistently since it was established in 1989 to provide a portfolio of key IT support and services to its loyal customer base throughout Sc...
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Occupational health service provider secures PE backing for acquisitions | BUSINESS NEWS
A Hull-headquartered provider of occupational health service...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.