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.
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