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.
Discover a leading innovator in data centre solutions, recognised as a top supplier both in the UK and internationally, with a robust consultancy arm contributing to a growing turnover.
Stock forecasting is a challenge for most companies, if inventory is not well managed the enterprise will face an increase in costs and even it can register losses. This stock management software solution provides an optimal forecast so that the ente...
An exciting opportunity to acquire a London-based audio technology business with a portfolio of coveted patents is now available.
11
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
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.